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The Texas Pacific Group and Apollo Management are on track to complete their $90 a share buyout of Harrah's Entertainment (NYSE: HET) by the end of the year. According to a report out of New Zealand, TPG, along with its East Asia affiliate Newbridge Castle, is already shopping for an addition to its gaming business. In August, SkyCity Entertainment Group (NZE: SKC), which owns casinos in Australia and New Zealand, announced it was interested in testing the sale value of some of its assets. Instead, it received an expression of interest in acquiring the entire company. The unnamed suitor is now thought to be TPG.
The two have a history. SkyCity bought its Auckland casino from Harrah's for $20 million in 1998. Since then, SkyCity has fallen on hard times. It netted $98.4 million in 2007, down 18.1% from 2006.
The SkyCity properties would fit nicely with other TPG gaming holdings including Harrah's and London Clubs International, making it a huge player in the worldwide gambling scene.
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