Harrah's Shareholders Approve Biggest Casino Buyout Ever

Harrah's Entertainment shareholders approved a 17.1 billion dollar buyout by two private equity groups.

Company officials say the deal approved this afternoon is the largest ever to take a publicly held casino company private.

Shareholders controlling 66 percent of outstanding stock approved selling the world's largest casino company to Apollo Management Group and Texas Pacific Group.

Harrah's Las Vegas-based board had unanimously backed the deal.

It still requires approval from gambling regulators in more than a dozen states and several tribal nations where Harrah's operates.

Harrah's operates 39 casinos, including Caesars and Harrah's in Atlantic City.

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