NATION

NATION

Harrah’s clears barrier
in major casino buyout

LAS VEGAS — Harrah’s Entertainment Inc. has tentatively cleared the last remaining regulatory hurdle to the largest casino buyout ever.

Harrah’s said Monday that the National Indian Gaming Commission has approved the company’s $17.7 billion purchase by private equity buyers Apollo Management and Texas Pacific Group, pending final commission review. That conditional approval means Harrah’s can go forward with the deal, which is expected to close in early 2008.

No further regulatory approval is required.

MAXjet files for
bankruptcy protection

NEW YORK — MAXjet Airways ceased operations on Monday — leaving jets on tarmacs and stranding passengers on Christmas Eve — as the all-business class airline said it would file for bankruptcy protection.

MAXjet cited soaring fuel prices and the deteriorating credit market for what it called a “drastic measure.” But analysts said the company’s failure may raise questions about the viability of all-business class airlines.

MAXjet launched in 2005 and offered “all-premium” flights between Stansted, New York, Las Vegas and Los Angeles. But analysts said it couldn’t compete with deeper-pocketed AMR Corp.’s American Airlines business class.

Associated Press