The article itself...

Reuters
Harrah's Bets $917 Mln on Horseshoe
Thursday September 11, 10:23 am ET

LOS ANGELES (Reuters) - Harrah's Entertainment Inc. (NYSE:HET - News)
on Thursday said it would pay $917 million in cash to buy Horseshoe
Gaming Holding Corp., a legendary name in high-stakes poker that
operates three casinos in the U.S. South and Chicago area.
Las Vegas-based Harrah's will assume about $533 million in debt as
part of the deal, taking the total price of the deal to about $1.45
billion. The company said it expects Horseshoe to add to earnings
immediately.

"You are extending the brand at a very reasonable price," said Jeff
Logsdon, an analyst at Harris Nesbitt Gerard. Harrah's shares rose
almost 2 percent in early New York trade.

Harrah's, which operates 26 gambling halls and has expanded fast
through acquisitions, said it planned to expand the Horseshoe brand in
the United States and potentially abroad. It also said it intends to
sell its Harrah's-brand casino in Shreveport, Louisiana, to avoid
overexposure in that market.

Privately held Horseshoe operates casinos in Hammond, Indiana, near
Chicago; Tunica, Mississippi, and Shreveport-Bossier City, Louisiana.

Horseshoe founder Jack Binion's father, Benny, began the separately
owned Horseshoe casino in Las Vegas -- according to gambling legend --
with a trunk full of cash in a Cadillac he drove from Texas, where he
ran an illegal gambling empire.

Benny Binion made his reputation running a no-limit poker tournament,
and Jack Binion continued the family reputation for building poker
palaces and gambling halls.

Chief Executive Gary Loveman in a conference call said Harrah's may
rename some of its casinos as Horseshoes and use it for expansion, as
well, including possibly in Britain.

Harrah's has fueled expansion with acquisitions in recent years that
have taken it near the top of the casino world, leaving it battling
for the No. 2 slot with MGM Mirage(NYSE:MGG - News), and behind leader
Park Place Entertainment Corp.(NYSE:PPE - News), now Caesars
Entertainment.

Lehman Bros. analyst Joyce Minor said Harrah's had done a good job
integrating previous acquisitions, such as the Harvey's brand. "They
are able to achieve a lot in cost savings," she said.

The deal should close in the first quarter of 2004. Harrah's said it
expects to generate $36 million in annual savings within two years of
the deal's closing.

The company plans to draw from its credit line and issue new bonds,
roughly in equal parts, to pay for the deal, Chief Financial Officer
Chuck Atwood told the conference call.

Horseshoe Gaming owner Jack Binion will advise Harrah's on the
integration of Horseshoe into Harrah's and on opportunities to expand
the Horseshoe brand, the company said.

Harrah's shares rose 70 cents, or 1.8 percent, to $40.57 in early
trade on the New York Stock Exchange (News - Websites), leaving it at
the midpoint of its 52-week range of $30.30 to $50.60. (Additional
reporting by Dan Burns in New York)