Antitrust waiting period expires for Harrah’s-Caesars merger

Josh Fineman

Monday, Feb. 21, 2005 | 10:43 a.m.

Harrah's Entertainment Inc. and Caesars Entertainment Inc. said the waiting period during which time federal regulators may take antitrust action against their planned merger has expired.

Expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act is a condition for completion of the merger, the companies said in a statement Friday. The Federal Trade Commission is continuing its investigation and is not precluded from bringing an action challenging the transaction.

Harrah's, the second-largest U.S. casino operator, in July agreed to buy Caesars for $5.18 billion. The two companies, both based in Las Vegas, in August said they were asked by the commission for more information about the deal, which is expected to be completed in the second quarter.

Harrah's purchase of Caesars will add to its holdings in markets including Las Vegas and Atlantic City. The two companies in September agreed to sell four of their casinos for $1.24 billion to real estate firm Colony Capital LLC to help secure regulatory approval of the purchase.

Shares of Harrah's fell 5 cents to $69.38 in New York Stock Exchange composite trading. Caesars was unchanged at $20.75.

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