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West Warwick Slot Machines?

With all of the slot machine casinos and slot machines that Harrah’s Entertainment, Inc. already has worldwide, you would think they could rest on their laurels a little; however, it seems that no matter how much it expands, no matter how many slot machines they are running, it just isn’t enough for the company. The company has now been focusing on helping the Narragansett Indians in getting a slot machine casino in West Warwick, R.I.

They have expanded greatly over the past four years that they have been trying to get this slot machine casino, however, in doing so they have amassed quite a bit of debt in the process. The currently owe roughly $11 billion in long-term debt, and with that kind of debt you get other companies looking to step in and buy you.

Apollo Management and Texas Pacific Group offered to buy Harrah’s for $15.1 billion – or roughly $81 a share. Harrah’s board looked into the offer and promptly refused it. The New York Times reported that after the company rejected the first offer that the group came back and offered $15.5 billion. If they are purchased by a private company, they will actually end up with more debt, just because the company who buys them will have to take out a loan to pay for it. It is unknown how or even if a buy out would affect their focus on the slot machine casino.

No matter what happens, if someone does buy it, it could mean a shift in direction for the company. It just depends on how the company wants to proceed from here.

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