Penn National mulls Harrah’s takeover bid

Penn National mulls Harrah’s takeover bid

Group led by Pennsylvania-based gaming company and hedge fund D.E. Shaw could follow a $15.5 billion offer made almost two months ago.

 

PHILADELPHIA (Reuters) — A group led by Penn National Gaming and hedge fund D.E. Shaw is considering making a cash and stock offer for casino company Harrah’s, a source familiar with the situation said on Tuesday.

Lehman Brothers (Charts) and Wachovia (Charts) would provide financing and have some equity in the company if a deal went ahead, the source said.

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News of the possible bid by Penn National, the third-largest gaming company in the United States, was first reported on television. Terms of the potential offer were not immediately available.

Talk of a new offer for Harrah’s comes almost two months after private equity firms Apollo Management and Texas Pacific Group offered to buy the casino operator for about $15 billion. The two firms have since raised their offer to about $15.5 billion.

Penn National, which owns and operates horse-racing parks and casinos, has a market capitalization of $3.3 billion. That is a fraction of the $14.2 billion market capitalization of Harrah’s, which owns or manages more than 40 casinos under the Harrah’s, Caesars and Horseshoe brand names.

Harrah’s, which has said only that a committee of non-management directors is reviewing the original bid, declined comment Tuesday.

A representative for Penn did not immediately return a call seeking comment. D.E. Shaw declined comment. Representatives for Wachovia and Lehman were not immediately available.

Shares of Penn National (Charts) closed at $38.16, down 58 cents, or 1.5 percent. Shares of Harrah’s (Charts) closed at $78.46, up $1.91, or 2.5 percent.

Spirit Mountain: Casino’s odds worry fire chief

In His Own Words: Dennis Worden To Work in Congress as Hatfield Fellow

Dennis Worden, a 2006 University of Oregon alumnus, is the recipient of the 2006-07 Hatfield Fellowship, bestowed annually by The Spirit Mountain Community Fund and the Confederated Tribes of the Grand Ronde.
Worden, who will soon turn 23, will move to Washington D.C. for nine months to gain knowledge about the legislative processes at the congressional level while serving as a staffer for Congressman David Wu of Oregon. The fellowship provides a stipend of about $49,500 for the duration of service (approximately 500 per month); $2,500 for moving expenses; up to $2,500 for the two district visits back to Oregon; and $5,000 for the orientation fee. The program is funded by Spirit Mountain Community Fund through the Confederated Tribes of Grand Ronde.Each year, The Hatfield Fellowship enables a Native American to serve as a staff member among Oregon’s congressional delegation. The Hatfield Fellow serves as a liaison between the congressional member and the Tribes on issues that affect Native Americans and as a resource for the entire Oregon delegation. The program was created in 1998 as a remembrance of the contributions made by Mark O. Hatfield, former Governor of Oregon and United States Senator.

Worden is a Coeur d’Alene tribal member who has already begun to lay a strong foundation toward his goals. He graduated from the University of Oregon with a Bachelor of Arts degree in Geography, has served as a Legislative Affairs Intern for the Coeur d’Alene Tribe, a Legislative Intern for the Department of Treasury-Financial Service, and a Budget Intern for the Department of Treasury-Financial Service.

He also demonstrated his dedication to public service by making a contribution to campus issues, such as outreach programs for at-risk high school and middle school students and community building among students of color. According to Worden, his ultimate goal is to practice Indian Law “because law plays a critical role in the lives of tribal members everywhere.” He intends to focus on making a difference in Oregon Indian Country and the Pacific Northwest.

“With a combination of what he already knows, what he hopes to learn as the Hatfield Fellow and his passion to help Native people, there is no doubt that he will make a difference in Indian Country,” said Kluane Baer of the Spirit Mountain Community Fund.

In His Own Words, Worden shares his perspective about what he has learned thus far from the experience and what he hopes to accomplish.

What are some of the highlights of your academic and civic accomplishments?

Conducting independent research for a project through the McNair Scholars Program is definitely an academic achievement I am proud of. I received guidance from Professor Alec Murphy, but the work that is designed to create new ideas were my own. It was a great learning experience that will be valuable to me in the future. Another academic accomplishment was getting the opportunity to be on the Southwest Oregon Research Project (S.W.O.R.P) team this summer. The project collects documents from the federal government relating to Indians of present day Oregon. It was a great experience to work in the National Archives and look at documents over 100 years old and recognize names of people mentioned in the documents.

Civic accomplishments would include working for the Oregon Young Scholars Program. The program is designed for at risk high school students to attend advanced classes and live in a dorm atmosphere. I was able to see the students grow in the short duration of the program. It felt good to participate in a program like this and see the high school students grow academically. Participating in the Office of Multicultural Academic Support Student Leadership Team was also a civic highlight. We were able to build community and hopefully improve our community through improving our leadership skills by organizing and facilitating events within the University of Oregon community.

What made you decide to apply for the Hatfield Fellowship?

I was interested in working for Indian Country, and I wanted to work in a political environment. The two interests coincide extremely well with the goals of the Hatfield Fellowship. Through the fellowship, I am able to work in issues in Indian Country, as well as work in Congress for a representative. It gives me a tremendous opportunity to gain valuable work experience for future careers.

Now that you have completed the orientation phase, what have you learned so far?

The monthlong fellowship went fast. I learned that building relationships into a network is a non-stop job. It is also an essential part of being successful in Washington. And while people are here for a serious purpose, it’s just as important to relax and make time for yourself. Congress is also a complex entity that is difficult to understand and that my whole fellowship duration will be a learning process about how it works.

What do you expect to accomplish during your tenure?

I hope that while I am the Hatfield fellow I can learn as much about the political process and how it relates to Indian Country as possible. I also hope to build a strong network of business contacts and friends that will last into the future that I can contact after the fellowship ends. I also hope to learn about the policy and political aspects of issues in Indian Country. Finally, I want to enjoy the time I spend in Washington and hope to get to see other parts of the East Coast.

Could you elaborate on your goal to practice Indian Law? Why do you think this is important?

Indian Law is a career interest of mine because it is so important to the daily lives of Indian Country. The historical relationships that have been developed with tribes and the United States, and continue to exist, are important to understand to protect our people. If I could do this through practicing Indian Law, I would feel good about this as a career.

904-257-7655

[Event 39] $10,000 No Limit Hold’em Main Event (Day 1B)

Shannon Elizabeth Eliminated

No Limit Hold’em Main Event

2006-07-29 19:56:27 EDT

Chip Count – [Event 39] $10,000 No Limit Hold’em Main Event (Day 1B)

Place Name Chip Count
1 Mike Caro 27,500
2 David Chiu 25,500
3 Eric Froehlich 25,100
4 Fabrice Soulier 24,100
5 Aaron Bartley 23,250
6 Kyle Wilson 22,200
7 Mark Shoichet 21,000
7 Al Barbieri 21,000
9 Al Krux 19,800
10 Spyridon Mitrokostas 19,400
11 Phil Ivey 19,200
12 James Coca 19,000
13 John Juanda 18,500
14 Can Kim Hua 16,700
15 Rosendo Perez 16,500
16 Rob Hollink 16,000
16 Tim Phan 16,000
18 David Oppenheim 15,300
18 Eric Lynch 15,300
18 David Williams 15,300
21 Shirley Williams 15,200
22 Ryan Fair 15,075
23 Chris Ferguson 14,500
23 Patrik Antonius 14,500
25 Bueno Patrick 13,800
26 Steve Wong 13,500
27 Humberto Brenes 13,425
28 Allen Cunningham 13,200
29 Chantel McNulty 12,800
30 Christopher Viox 12,500
31 Howard Lederer 12,400
32 Ernie Scherer 12,300
33 Ted Weinstock 12,100
34 Jeff Madsen 11,800
34 Bill Baxter 11,800
36 Phillipe Rouas 11,700
37 Padraig Parkinson 11,450
38 Barry Shulman 11,000
39 Joe Sebok 10,800
40 David Ulliott 10,650
41 Steven Diano 10,400
42 Doyle Brunson 10,250
43 Harry Thomas Jr. 10,200
44 Rafi Amit 9,800
45 Mickey Appleman 9,725
46 Garrett Gruener 9,700
47 Thor Hansen 9,500
48 Men Nguyen 9,400
49 David Waldstein 8,800
50 Bill Gazes 8,500
50 Theo Tran 8,500
52 Jay Kwik 8,000
53 David Singer 7,900
54 Mel Judah 7,700
55 Corey Cheresnick 7,550
56 Randy Jensen 7,500
57 Hung La 7,300
58 Mike O’Grady 7,000
59 David Grey 6,900
60 Evelyn Ng 6,650
61 Raymond Henson 6,400
62 Dominik Karelus 6,200
63 Wendeen Eolis 6,100
63 Brad Garrett 6,100
65 George Abdallah 6,000
66 Dewey Tomko 5,900
67 Annie Duke 5,800
68 Willie Tann 5,700
69 Carmel Petresco 5,225
70 Greg Mueller 5,200
70 Eric Weiner 5,200
72 Alex Vuong 5,100
73 Morgan Machina 5,075
74 John Cernuto 5,000
74 Brad Booth 5,000
76 Rafe Furst 4,900
77 Johan Storakers 4,200
78 Jason Lester 4,100
79 Nate Meyvis 3,775
80 Dave Colclough 3,575
80 Robert Bright 3,575
82 Ron Jeremy 3,300
83 Vanessa Rousso 200

Poker Wire Recap

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