Loveman says Jack Binion, who sold Horseshoe to Harrah's, will now work with Harrah's in a consulting-type role to continue to market the Horseshoe name. 'This acquisition enhances our efforts to become the nation's leading distributor of casino entertainment and bolsters our near-term and long-term growth prospects,' said Gary Loveman, Harrah's Entertainment president and chief executive officer. In the $1.45 billion purchase price, Harrah's is assuming $533 million of Horseshoe debt. Harrah's said it anticipates the acquisition to immediately add to earnings and expects to achieve about $36 million in annual savings within two years. The sale is expected to alleviate possible antitrust issues in Louisiana. The Wall Street Journal reported Harrah's is negotiating to sell the Shreveport casino to Colony Capital LLC of Los Angeles. Las Vegas-based Harrah's also said it will sell its Harrah's casino in Shreveport-Bossier City, Louisiana to avoid overexposure in that market, but will keep its Louisiana Downs thoroughbred horse racing track and casino in Bossier City. Privately held Horseshoe has casinos in Bossier City, Louisiana Hammond, Indiana and Tunica, Mississippi. Harrah's Entertainment Inc., the world's third-largest gambling company, Thursday said it would buy casino operator Horseshoe Gaming Holding Corp.
