TEXAS HOLDEM ONLINE POKER
TEXAS HOLDEM ONLINE POKER
|
|
Harrah's reveals price for Horseshoe name, World Series of Poker |
|
LAS VEGAS - Harrah's Entertainment disclosed
it paid $39.7 million for the rights to the Horseshoe brand name in Nevada
and the World Series of Poker tournament, the company said in Securities and
Exchange Commission documents filed Friday.
The Las Vegas-based company also revealed it paid an additional $2.4 million in acquisition costs for those rights. A large portion of the sale price involved Harrah's assuming Binion's liabilities. The purchase price had been reported at about $50 million, but the total was a moving target based on estimates of the assumed liabilities, Harrah's spokesman David Strow said Friday. Harrah's bought the intellectual assets in January from the Horseshoe Club, parent company of Binion's Horseshoe Hotel and Casino in downtown Las Vegas. Harrah's later negotiated a deal to sell the property to West Virginia-based MTR Gaming Group Inc., which now owns Binion's Horseshoe through a subsidiary called Speakeasy Gaming of Fremont Inc. MTR also owns Mountaineer Race Track & Gaming Resort in Chester, W.Va. The sale price was about $20 million for the Binion's building and other physical assets, MTR's president and chief executive officer Ted Arneault has said. The deal closed in March after MTR received a gambling license from state regulators. Harrah's is managing Binion's for a year and has the option of extending the agreement for up to two more years. Binion's closed its doors Jan. 9 after U.S. marshals seized cash from the casino to pay outstanding employee benefits. The property reopened April 1. The 35th annual World Series of Poker tournament is under way at Binion's, with the finals set to take place May 22-28. |
|
|
Back to Texas Holdem Online Poker
|
|