The deal will likely take several months to complete.
Casino industry insiders say the immediate impact of Harrah's pending sale won't be very dramatic. Harrah's runs Grand Biloxi. So the buyout could impact the south Mississippi resort.
Apollo Management and Texas Pacific will reportedly pay 90 dollars per share to get into the gaming business.
Sources familiar with negotiations say Harrah's Entertainment has accepted a deal to sell its 40 casinos to two private equity groups. The largest gaming company in the world is reportedly being sold for more than $16 billion.
