Private-equity firms make $15.05B offer for Harrah’s
Harrah’s Entertainment received a $15.05 billion offer for the company from two private-equity firms in what would be the biggest deal ever for a casino operator and the fifth-largest leveraged buyout in history. Harrah’s said Monday that Apollo M
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Interesting gambling facts:
- Video Poker machines were introduced in the 1970s, when an oil embargo had a negative impact on Vegas revenues. The machines were popular enough to spark a recovery in casino business.
- In 1891, Sittman and Pitt of Brooklyn began to manufacture the first nationally known poker card machines. The machines maintained their enormous popularity until just before World War I.
- During the 1950s, the Senate Committee to Investigate Organized Crime in Interstate Commerce held a number of hearings on criminal influence in the casino industry. The committee was chaired by Senator Estes Kefauver, and the committee is also known by his name.
- 1973: The MGM Grand opens on the Strip, becoming the world's largest hotel.
1989: One of Vegas's most extravag-ant hotels opens. Steve Wynn's Mirage resort features a man-made volcano and over 3,000 rooms. Siegfried and Roy sign a $57 million, five-year contract to provide entertainment at the hotel.
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