Harrahs Entertainment had announced Wednesday signing up an agreement to purchase Casino Magic Biloxi from Pinnacle Entertainment and to sell two of Harrahs holdings in Lake Charles to Pinnacle for an approximate price of 25 million dollars.
The two gaming companies had signed a letter of intent already in April this year. The deal is expected to close by the end of 2007, depending on the receiving of necessary regulatory approvals.
Harrahs Entertainment, Inc. is the biggest casino entertainment companies in the world. It owns or operates through several subsidiaries over 40 casinos in three countries including the United States, Canada and Uruguay.
The Las Vegas based gaming company owns and operates casinos in Nevada, Louisiana, Indiana and Argentina. The company is currently working on the developing of two casino projects in the St. Louis, Missouri area, subject to the approval of the Missouri Gaming Commission.
