Closer to Closing -- U.S. casino operator Harrah's has nearly reached an agreement with private equity tandem Apollo Group and Texas Pacific Group (TPG) to sell its operation for an estimated $16.7 billion, sources close to the negotiation said. Although disagreement over contract terms and conditions stalled talks Sunday evening, the parties are expected to resume negotiations today. "Some of the points are deal breakers," one source said. "I think we'll eventually get over them." Harrah's board has been meeting since Dec. 13 to review offers by Apollo/TPG and fellow U.S. operator Penn National Gaming.
What's in a Name? -- The European Betting Association has changed its name to the The European Gaming and Betting Association (EGBA); the new EGBA will broaden its focus to include gaming as well as betting.
No Thanks -- Owners of London-based operator Purple Lounge recently rejected a $29.1 million dollar purchase offer from an unnamed casino and poker operator, reports Scotland's Sunday Herald. " . . . I don't think we'll do a deal at the moment," said Purple Lounge part-owner Chris Gorman. "We're growing so fast now. We will maximize that value next year and look at selling it toward the end of next year." The company will add an online casino operation to its existing poker offering in early 2007. Meanwhile, its poker business is expected to generate an estimated $2 million this year and continues to grow in popularity on the Microgaming Poker Network.
Revamped -- I-gaming provider CryptoLogic has redesigned its poker software. New appointments and interactive features have been added to the main lobby, poker tables, tournament lobby and casino games suite.
Sohu's Expanding -- Internet mahjong technology developer Dynasty Gaming today announced an agreement with Web portal Beijing Sohu New Era Information Technology (Sohu), under which both parties will cooperate on marketing-related issues concerning Dynasty's mahjong game on Sohu's casual gaming platform.