Harrah's to Buy Horseshoe Gaming

Harrah's Entertainment, Las Vegas, is acquiring the privately held Horseshoe Gaming, another Las Vegas-based gaming company, for $1.45 billion, including the assumption of debt.Horseshoe operates casinos in Hammond, Ind.; Tunica, Miss.; and Shreveport-Bossier City, La. In connection with this acquisition, Harrah's said it is selling its Harrah's brand casino in Shreveport to avoid overexposure in that market. The acquisition will add 107,100 square feet of casino space to its existing 1.53 million square feet on a net basis, the company said. "This acquisition enhances our efforts to become the nation's leading distributor of casino entertainment," said Gary Loveman, president and chief executive officer of Harrah's. The company said it expects to save about $36 million annually within two years of closing the acquisition due to "operating synergies."