Thursday, April 16, 2009 | 4:01 p.m.
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The private equity investors that control Harrah's Entertainment Inc. of Las Vegas said Wednesday they've extended the deadline for certain bondholders to swap their notes for cash under a $350 million offer announced last month.
Apollo Global Management and Texas Pacific Group's TPG Capital, along with other unidentified co-investors, said the new early tender deadline was moved from April 17 to April 29 for investors who want to receive $370 in cash for certain notes with a face value of $1,000. Investors missing that deadline may receive $340 per $1,000 in debt through May 13, revised from May 1. If too much debt is offered for trade, the investors have spelled out a priority for the order in which various debt issuances will be accepted.
No reason was given for the extension and a spokeswoman declined comment. Such debt deals typically are extended when it appears not enough bondholders will participate by the initial deadline.
The investors have offered to pay up to $350 million in cash for notes with a face amount of up to $946 million. They are buying the debt at distressed prices in a move several analysts have said appears aimed at keeping them in control of Harrah's should it seek bankruptcy protection because of its hefty debt load.
Just as distinctive as it's famous neighbors Caesar's Palace and The Venetian, Harrah's Las Vegas has been entertaining guests since 1973. The 87,700-square foot casino is filled with 1,520 slot machines and 107 gaming tables. Outside the casino, guests are able to experience fun in a street-fair atmosphere at the Carnival Court, an outdoor lounge with live entertainment (including the bartenders), food stands and outdoor shops.
At Harrah's comedy is King, and that has never been more apparent then the comedy acts of Rita Rudner, the Mac King Comedy Magic Show and the Improv Comedy Club. After the show, guests are more than welcome to laugh at their friends at The Piano Bar, famous for its dueling pianos and karaoke. Most recently, Harrah's added tribute show "Legends in Concert" to its list of entertainment.
Restaurants like Ming's offers Asian cuisine, while Ruth's Chris Steak House offers guests fine steaks and fresh seafood. Toby Keith's I Love This Bar is a country-themed bar with a restaurant, live music and the occasional appearance from Keith himself.
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