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Online Casino News:
Harrah’s Makes Purchase
by Joanne R Sunday September 27, 2009
at 10:12 PM
Harrah's Entertainment has taken the
next step in creating their casino
empire. The company has been facing some
heavy debt issues, but with their latest
purchase, it seems that they are finally
coming out from underneath. It seems
that Harrah's Entertainment has agreed
to buy the Thistledown racetrack in
Cleveland. The current owners, Magna
Entertainment Corp., are based in
Ontario, Canada. They have agreed to
sell the track for $89.5 million.
What is interesting about this move by
the casino company is that they
currently have the largest debt load in
the casino industry. While some
companies might be looking to slow down
their growth or, consolidate their
business, Harrah's is continuing to
grow. Experts say that this might
possibly be the best thing they could do
for themselves.
Currently dealing with bankruptcy, the
casino company's move to purchase the
racetrack had to be approved by a
bankruptcy judge in Delaware. Although
it still needs regulatory approval, it
looks like it is on its way to being a
done deal. Experts say that this is one
more move on behalf of the company to
create economic opportunities for their
brand. We have already seen that they
are moving into the online casino
industry, and have hired people to
create a new online casino brand for
them.
They know that once online casino
gambling is approved and regulated in
the United States, that there will be an
influx of casinos looking to get on the
web. By creating their online casino
ahead of time, they are once again ahead
of the curve. This move to purchase a
racetrack seems to be one more move on
behalf of the company to create
opportunities that might pull them out
of the debt that they are in.
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