Harrah’s completes buyout of Players International

Alan Sayre

Thursday, March 23, 2000 | 10 a.m.

Harrah's Entertainment Inc. has completed its $425 million buyout of Players International Inc., which saw its welcome in the casino industry end with the scandal involving former Gov. Edwin Edwards.

A day after the Illinois Gaming Board removed the last hurdle by approving the deal, Las Vegas-based Harrah's said Wednesday that it would move ahead and pay $8.50 in cash for each share of Players' stock, along with assuming $150 million in Players' debt.

In Louisiana, Players owns a two-riverboat complex in Lake Charles that has been one of the subjects of Edwards' federal corruption trial. Edwards is accused of extorting Players when it was seeking a license in Louisiana. Neither Players nor its current executives were charged and prosecutors labeled the company a victim of the alleged extortion scheme.

However, after the Louisiana Gaming Control Board took steps that could have cost the company its licenses, Players agreed to pay more than $10 million in penalties and get out of Louisiana.

Harrah's owns a dockside casino in Shreveport and 43 percent of JCC Holding Co., the owner of Harrah's New Orleans Casino. Harrah's said it would convert the Lake Charles riverboats to its brand name after various improvement projects are completed.

In addition to a Players' riverboat in Metropolis, Ill., Harrah's also gained complete control of a four-casino dockside complex jointly operated by the two companies in Maryland Heights, Mo.