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Wednesday, Jan. 12, 2000 | 10:55 a.m.
MELBOURNE, Australia -- Harrah's Entertainment Inc. of Las Vegas, the second-largest U.S. casino company, said it completed the previously announced sale of its interests in Sydney's Star City casino to Tabcorp Holdings Ltd., Australia's largest gaming and wagering company.
Harrah's said after-tax sale proceeds of $200 million will be used to reduce debt. It said the sale continues the company's plan to divest non-strategic assets.
In April 1999, Melbourne-based Tabcorp agreed to buy Harrah's 19.9 percent stake in Star City casino, as well as its 85 percent interest in the casino's management contract. Harrah's later sold Tabcorp its remaining 5 percent stake in Star City after the Australian company won regulatory approval for its $1.1 billion takeover of Star City.
Harrah's, which received its Star City stake when it bought Showboat Entertainment Inc. in December 1997, still provides some casino services to Tabcorp-owned Star City casino under a separate contract.
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