Harrah's to sell Vegas hotel-casino, A.C. parcel

Harrah's Entertainment Inc., the world's largest gambling company, announced that it had signed a definitive agreement to sell the Flamingo Laughlin hotel-casino in Las Vegas and an undeveloped parcel in Atlantic City to affiliates of American Real Estate Partners L.P. for $170 million in cash. The sale is subject to regulatory approvals. Harrah's expects the transaction to close in mid-2006. The Las Vegas-based company owns four casino hotels in Atlantic City: Harrah's, Showboat, Bally's and Caesars.