FTC clears Harrah’s deal with Horseshoe

Tuesday, June 8, 2004 | 11:11 a.m.

SUN STAFF AND WIRE REPORTS

The Federal Trade Commission has voted to close its investigation into Harrah's Entertainment Inc.'s pending acquisition of Horseshoe Gaming Holding Corp., clearing the way for final regulatory approval of the $1.45 billion deal.

FTC officials said today that the investigation is complete and the transaction has been cleared without any conditions imposed on the merger.

The FTC intends to issue an official notice Wednesday saying that the investigation has been closed, officials said. They declined further comment on the specifics of the investigation.

The transaction already has been approved by regulators in Indiana and Mississippi and is scheduled to be considered by the Louisiana Gaming Control Board June 14. If it receives approval in Louisiana, Harrah's expects to close on the transaction on or around July 1.

Horseshoe Gaming operates riverboat casinos in Hammond, Ind., Tunica, Miss. and Bossier City, La.

Louisiana regulators last month approved Boyd Gaming Corp.'s $190 million purchase of a Shreveport casino from Harrah's Entertainment Inc. In conjunction with last year's announcement to acquire Horseshoe Gaming, Harrah's said it would sell the Shreveport casino to appease regulators concerned that the company would have too much market concentration in the region. Shreveport is next to Bossier City, where Harrah's will have two casinos.