Harrah's to issue $1B in new notes to pay old debt

May 28, 2009 12:50 AM
Staff & Wire Reports |

Casino operator Harrah's Entertainment Inc. says it plans to sell $1 billion in new notes through a private offering to help it pay older debt and company expenses.

The Las Vegas-based company said in a Securities and Exchange Commission filing on Wednesday that the new debt would be due in 2017.

Related Articles:
Nevada revenues hit new low
Casino revenues still in freefall
Nevada revenues continue to slide
Also Check out our Race & Sports Section

The company said in an earlier SEC filing that it had $24.2 billion in long-term debt as of March 31.

Harrah's has struggled since assuming $12.4 billion in debt in a $30.7 billion deal to be taken private last year by affiliates of Apollo Global Management LLC and TPG Capital LP.

Harrah's lost $127.4 million in the first quarter of 2009, compared with a net loss of $187.8 million in the first quarter of 2008.

Question? Comment? E-mail the staff at: Staff of GamingToday