Colony Capital, LLC, Announces Sale of Harveys Casino Resorts To Harrah's Entertainment, Inc.Business Editors LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , CA--(BUSINESS WIRE)--April 24, 2001 Colony Capital  This article may contain improper references to .Please help [ improve this article] by removing . , LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a private, international investment firm, announced the signing today of a definitive agreement for the sale of Harveys Casino Resorts to Harrah's Entertainment, Inc. The all-cash transaction is valued at $625 million, plus approximately $50 million of off-balance sheet liabilities. The sellers will also retain the benefit of all net debt reductions through the date of closing. Under Colony's ownership, Harveys has expanded its operations and significantly grown its cash flow. "We are proud of our success at Harveys," said Thomas J. Barrack BARRACK. By this term, as used in Pennsylvania, is understood an erection of upright posts supporting a sliding roof, usually of thatch. 5 Whart. R. 429. , Jr., Chairman and Chief Executive Officer of Colony and acting Chairman and Chief Executive Officer of Harveys. "And we are delighted that Harrah's, one of the industry's most prominent leaders, will be taking the company to the next level." The transaction is expected to close by December 31, subject to regulatory approvals. Harveys was advised by Bear, Stearns & Co. Inc. and Merrill Lynch & Co. Harveys Casino Resorts owns, operates and develops premium quality hotel/casino properties. Headquartered in Lake Tahoe, Nevada, Harveys owns and operates Harveys Resort & Casino, a AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. four-diamond full-service resort in Lake Tahoe; Harveys Casino Hotel and Bluffs Run Casino in Council Bluffs, Iowa Council Bluffs is the county seat of Pottawattamie County, Iowa, United States[1] and is on the east bank of the Missouri River. As of a 2006 census estimate, the city had a total population of 60,271. ; and, Harveys Wagon Wheel Hotel Casino in Central City, Colorado Historic Central City is a Home Rule Municipality that is the county seat of Gilpin County, Colorado, United States. The city population was 515 at U.S. Census 2000. The city is a historic mining settlement founded in 1859 during the Pike's Peak Gold Rush. . Colony Capital acquired Harveys in February 1999 for approximately $405 million. Separately, Colony is also completing the previously announced acquisition of Resorts International Casino from Sun International Hotels Limited, Paradise Island, The Bahamas, on Wednesday, April 25, 2001. "Our commitment to opportunities in the sector remains undiminished," Mr. Barrack added. Colony Capital, LLC, (www.colonyinc.com) is a private, international investment firm led by Thomas J. Barrack, Jr., Chairman and Chief Executive Officer. Since its formation in 1991, Colony has been one of America's most active and innovative investors, investing in excess of US$6 billion. The firm is headquartered in Los Angeles, with eight additional offices throughout the world. |
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