Brief: Gambling merger completed
Monday, Jan. 4, 1999 | 11:22 a.m.
Harrah's acquired the Las Vegas hotel-casino operator in a one-for-one stock swap valued at $525 million and assumed Rio's $303 million of debt.
Harrah's stock was up 31.25 cents to $16 a share in late-morning trading. Trading in Rio ended last Thursday.
In addition to the Harrah's, Rio and Showboat brands domestically, Harrah's operates the Star City Casino in Sydney, Australia.
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