Harrah’s to Buy, Reopen Horseshoe
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Harrah’s Entertainment Inc. said it would acquire Binion’s Horseshoe Hotel & Casino by the end of March and reopen the downtown Las Vegas property, pending regulatory approval.
Harrah’s didn’t disclose financial terms. Binion’s was closed Jan. 9 after failing to provide money to workers’ pension and welfare funds.
The purchase gives Harrah’s the right to use the Horseshoe name in Las Vegas after it agreed to buy Horseshoe Gaming Holding Corp., a separate company, last year.
Shares of Harrah’s fell 6 cents to $52.32 on the NYSE.
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