LAS VEGAS— Harrah's Entertainment Inc. said its $17.1 billion acquisition closed as scheduled yesterday, marking the company's transition to private following the world's largest casino buyout.

Harrah's agreed in December 2006 to be bought by affiliates of Texas Pacific Group and Apollo Global Management LP, and shareholders approved the deal on April 5, 2007.

Stockholders will receive $90 in cash for each share they own.

The company recently extended the contract of its chairman, president and chief executive, Gary Loveman, and said Loveman was likely to stay in those roles after the buyout.

Loveman is expected to receive more than $90 million in stock options and other rights under terms of the deal.

Harrah's shares ceased trading yesterday at $89.97. The stock had traded from $78.77 to $89.55 over the past year.

Harrah's, founded in 1937, operates 50 casinos worldwide, including Caesars Palace, Flamingo and Bally's in Las Vegas and Harrah's, the Showboat, Caesars Atlantic City and Bally's in Atlantic City, N.J.

The world's largest gambling company by revenue, Harrah's took in nearly $10 billion in 2006.

Before the deal could be completed, the company had to receive approvals from state gambling regulators in Nevada, New Jersey, Pennsylvania, Louisiana, Iowa, Missouri, Illinois, Indiana and Mississippi, and from the National Indian Gambling Commission.

Harrah's new owners told Nevada gambling regulators that they supported the casino operator's expansion plans — $4 billion in growth-related spending through 2012, including $2.1 billion in Nevada projects.

Apollo and TPG approached Harrah's separately in August 2006 about taking the company private before teaming up later and offering $81 a share. A year ago, as other companies joined in the bidding, Harrah's accepted the $90-a-share offer, and the regulatory review process began.