A new owner for Harrah\'s Chester?
November 21, 2007
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The web site for Forbes magazine is reporting that an Australian media tycoon is shopping for a casino in North America and has had \"detailed talk\" with Harrah\'s Chester, and that The Meadows could also be an acquisition target.
Forbes.com reported on Nov. 21 that the Australian Financial Review said that Packer Publishing & Broadcasting Ltd. is \"prepaared to spend more than 2 billion Australian dollars ($1.8 bilion)\" to buy Harrah\'s Chester. Harrah\'s Chester has 2,700 slot machines and has been one of the top performing racino operations in Pennsylvania since opening its slots business this past January.
Packer Publishing & Broadcasting said it had begun due diligence on an unnamed acquisition target and is now negotiating a sale price. A deal could be completed in the next two to three weeks.
The Australian Financial Review also said Packer is looking The Meadows Racetrack & Casino could be an acquisition target.
Forbest.com said Packer Publishing & Broadcasting Ltd. is owned by 39-year-old James Packer, who is Australia\'s richest man. He inherited his media empire from his late father, Kerry Packer. The company also has casinos in Melbourne and Perth, Australia, and in Macao.