Bodog Beat

Ownership of Harrahs and the WSOP brand has now officially changed hands. (Image Courtesy of insidervlv.com)

Two days ago, the largest casino buy-out in history culminated with Harrah's shareholders approving the sale of the company to private equity firms Apollo Management, L.P. and TPG Capital, L.P.

Harrah's first opened in Reno in 1937 and went onto become the first casino listed on the New York Stock Exchange in 1973. In 2004, the company cemented its place in Vegas and poker history by purchasing Binion's, along with which came the World Series Of Poker brand. The tournament was then moved to the Rio and continued to grow in leaps and bounds, making it the most valuable property in poker.

Obviously, the equity firms are banking on the WSOP, WSOP Circuit and other related properties to continue to grow as they paid out $17.1 billion and assumed $10.7 billion in debt to acquire Harrah's. Of course, shareholders will be happy as they are receiving $90 per share, including Harrah's CEO and president Gary Loveman, who received $94 million for his Harrah's stock. Does that make him the biggest WSOP winner to date?

Rumors abound that the WSOP will move to another casino – Caesars Palace being the most popular – but none of that has been confirmed. Needless to say, what is known is that, as a private company, Harrahs will now have less public/government exposure when it comes to dealing with online poker rooms. Again, no idea what that will amount to, but it's an intriguing thought.

If the rumors have any substance to them, then this could be the last year the WSOP will be at the Rio. So, if you want to get in on the action at the end of this era of the WSOP, then head over to Bodog and qualify online for the 2008 WSOP .