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Last Updated: Thursday, 15 July, 2004, 15:04 GMT 16:04 UK
Harrah's to buy Caesars for $5bn
A casino in Las Vegas
Caesars is a well-known brand in Las Vegas
US gambling giant Harrah's is to buy Caesars Entertainment for $5.2bn (2.8bn) in a tie up which will create the world's largest gambling firm.

Between them, the pair will own more than 50 casinos, including Caesars' high profile Las Vegas Strip venues.

The deal follows rival MGM Mirage's bid in June to buy Mandalay Resort Group for $4.8bn.

If approved by regulators, that agreement will give MGM control of 10 key Las Vegas venues.

Regulators

Harrah's bid also has to be approved by regulators.

But analysts say both deals are likely to get the go-ahead.

Harrah's recently finished a $1.45bn merger with Horseshoe Gaming Holding.

That deal too created a massive company but Harrah's sold its Shreveport casino to Boyd Gaming for $190m to avoid regulators' disapproval.




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