Harrah's Extends CEO Contract, Says He'll Stay After Buyout

Casino operator Harrah's Entertainment Inc. is extending the contract of company Chairman, President and Chief Executive Gary Loveman.

Harrah's says Loveman is expected to stay in those roles after its pending buyout is complete.

Harrah's is being taken private by affiliates of Texas Pacific Group and Apollo Management LP in a $17.1 billion transaction that would be the world's largest casino buyout deal.

The company says the acquisition is expected to close early this year.

Loveman is expected to receive more than $90 million in stock options and other rights under terms of the deal.