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List of buyers for
Harrah's, Caesars gets bigger
August 3
Analysts say that midsized
and even unknown casino companies nationwide are expected to
join an already long list of would be buyers for assets that
will be sold if the MGM Mirage / Mandalay Resort Group and
Harrah's Entertainment Inc./ Caesars Entertainment Inc.
mergers are to go through.
Harrah's, who is said to be
acquiring a wider dispersed selection of casinos from
Caesars that overlap with its already existing properties,
is bound to sell more properties than MGM Mirage will in its
bid for Mandalay, though, it is said.
The major amount of assets
acquired in the MGM Mirage / Mandalay merger will be in Las
Vegas, which is a market that could survive scrutiny brought
on by regulators. MGM Mirage executives say that they do not
want to sell off any properties unless they have to. MGM
Mirage and Mandalay both own casinos in Detroit, where
Michigan law prohibits the ownership of two or more casinos.
A spokesman for MGM Mirage, Alan Feldman said that the
company isn't looking at offers for the casino because any
sale would be based on the deal receiving final approvals
and also because the companies are paying more attention to
providing information to federal regulators.
Gary Loveman, Harrah's Chief
Executive has said that the company will most likely sell
off properties in Indana and Tunica, Miss., and maybe even
Lake Tahoe. Regulators may also require the sale of casinos
in Atlantic City, where Harrah's would otherwise own twelve
casino properties.
There are anylists that say those possible sales and others
might add to approximately $1 billion worth of assets.
Though there are now many
bidders, only a few will meet the requirements needed
surpass the regulatory and financial barriers
involved.
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