LAS VEGAS -- Fresh from last year's acquisition of Players
International, Harrah's Entertainment is adding four casino
properties to its growing portfolio.
The company, based here, agreed to acquire Harveys Casino
Resorts from Colony Capital Investors III for $625 million.
According to terms of the deal, which is expected to close
during the third quarter, Harrah's will assume Harveys' debt.
Casino properties included in the purchase are Harveys Resort
& Casino in Lake Tahoe, Nev.; the Harveys Casino Hotel and the
Bluffs Run Casino, both in Council Bluffs, Iowa, and Harveys Wagon
Wheel Hotel Casino in Central City, Colo.
According to Harrah's officials, once the acquisition is
complete, the company, which already owns and operates Harrah's
Lake Tahoe, plans to consolidate casino operations there.
The company also plans to convert the Harveys Casino Hotel to
the Harrah's brand within a year of the acquisition. The Bluffs Run
Casino will be maintained as a separate branded facility.
In addition, officials said, there are no plans to change the
operation of the Harveys Wagon Wheel Hotel Casino.
Harrah's also plans to integrate the new properties into its
Total Rewards program, which rewards cardholders for playing at any
of the company's 21 casinos nationwide.