Las Vegas: Largest casino operator worldwide

Harrah's to Pay $5.28 Billion for Caesars, Journal Reports

July 14 (Bloomberg) -- Harrah's Entertainment Inc. has agreed to buy Caesars Entertainment Inc. for $5.28 billion, the Wall Street Journal reported on its Web site, citing unidentified people familiar with the companies.

The agreement values Las Vegas-based Caesars at $17.17 a share, the newspaper said. Harrah's, which is also based in Las Vegas, will assume $3.97 billion in debt as part of the transaction, the newspaper said.

The boards of the two casino operators approved the terms this evening, the Journal said, citing the unidentified people. The transaction is expected to close ``within a year or so,'' after receiving antitrust and regulatory approval, the newspaper reported.

Caesars spokesman Robert Stewart declined to comment to Bloomberg News on the Wall Street Journal story. Harrah's spokesman Gary Thompson didn't immediately return a call from Bloomberg News to his office.