Some recent news on Harrah’s Entertainment:

Forbes has an article regarding the recent third quarter profits that Harrah’s earned, but the lawsuit against them may cause problems for the private Harrah’s buyout in 2008. From the article:

The analyst believes that while Harrah’s performance in Las Vegas and Atlantic City were strong, that success was not matched this quarter in other regions. Harrah’s is currently in the midst of an ugly dispute that could endanger its buyout deal, which was arranged last December and approved by shareholders in April.

CNN.com’s Money section announces that Harrah’s had to adjust the price of their due-in-2024 senior notes due to the recent, and surprising, profit in the third quarter. From the article:

Harrah’s Operating Company, Inc., a subsidiary of Harrah’s Entertainment, Inc. , announced that the conversion price under its outstanding $375 million Floating Rate Contingent Convertible Senior Notes due 2024 has been adjusted to $65.24 from $65.54, subject to further adjustment as provided for in the governing indenture. The adjustment has been made pursuant to the terms of the indenture as a result of the cash dividend of $0.40 per share of Harrah’s Entertainment common stock that was declared on October 29, 2007, and which will be payable November 21, 2006 to Harrah’s Entertainment stockholders of record as of the close of business on November 8, 2007.

According to paparazzi magazine InsiderEdition, OJ Simpson is banned from many casinos, including Harrahs. He returned to Las Vegas with lawyers in tow over his recent arrest and indictment. From the article:

Simpson is banned from several of the top Las Vegas hotels, including the Palms, the MGM Grand, and Harrahs. George Maloof, owner of the Palms, said that OJ was not welcome because of the drama and disturbance that his presence caused. INSIDE EDITION has heard that OJ is staying at another hotel under an assumed name while in Las Vegas to attend the trial.

Signs on San Diego announces that Harrah’s CEO Gary Loveman has bought 2.4% of the Boston Celtics basketball team. From the article:

Harrah’s spokeswoman Jacqueline Peterson said the team’s games have been removed from the company’s sports books, which Nevada gambling regulators require for casino licensees with stakes in pro sports teams. Loveman’s personal investment comes at the same time as Harrah’s is in a partnership with AEG to build a $500 million arena a block off the Strip, possibly to house an NBA team.

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