Harrah's Entertainment Inc. close to being bought out

Harrah's Entertainment Inc. is looking to be bought out in a lucrative private placement is near to completion. The newest offer is close to $16.7 billion say insiders.

The casino sector has been rife with deals this year as executives move to run their businesses away from the pressure of public markets amid strong demand from private equity firms that are branching out to new areas with hundreds of billions of dollars to spend.

Private equity firms are upping their offers for gambling properties, which promise to offer lucrative returns. In related news, Station Casinos Inc. announced on December 4,2006 their plans for a $4.7 billion management-led buyout.