Hints and tips:
...When parts of the Harrah’s casino empire entered bankruptcy in 2015, hedge fund creditors including Appaloosa Management and Elliott Management took a tough line....
...It acquired the biggest US gaming empire, Harrah’s Entertainment, in 2008 with rival buyout group TPG for $31bn, although the company, which was later renamed Caesars, subsequently went into bankruptcy....
...Then the pandemic struck, forcing casino closures across America, and seemingly threatening the closing of the deal....
...Harrah’s grew powerful enough to swallow Caesars Entertainment, the company behind the Caesars Palace casino complex, eventually taking its name....
...More recently Apollo acquired the operations of Las Vegas Sands marquee resort and casino The Venetian for $2.25bn, the Great Canadian Gaming for $2.5bn and the Italian sports-betting group Gamenet....
...Most notably, in January 2020 casino firm Penn National Gaming acquired a one-third stake in sports blog Barstool Sports for $163m in cash and stock....
...The risk pales in comparison to Apollo’s $31bn mega-buyout of Harrah’s Entertainment (renamed Caesars) from 2008, which ended in a messy bankruptcy....
...On Thursday, at the chapter’s headquarters, 59-year-old Olee Stewart, a cook at Harrah’s hotel and casino on the Las Vegas Strip, was calling fellow union members to urge them to vote....
...They financed the purchase by taking advantage of Harrah’s real estate....
...He moved from one of the boardwalk’s oldest surviving casinos, Harrah’s, to work at the Hard Rock resort’s sportsbook — the US answer to a bookmaker’s shop but with big live sports screens and alcohol on...
...Caesars Entertainment, formerly known as Harrah’s, was widely regarded as one of the best managed Las Vegas-based gaming companies after the turn of the century, winning plaudits for a unique customer loyalty...
...Las Vegas-based Caesars, the group behind Caesars Palace and the Harrah’s chain, in April appointed gaming veteran Anthony Rodio as its new chief executive....
...Caesars, formerly known as Harrah’s, was widely regarded as one of the best managed Las Vegas-based gaming groups at the turn of the century, winning plaudits for a unique customer loyalty programme that...
...As Sujeet Indap explains in the FT, borrowing against a property portfolio helped fuel the revolutionary buyout of Harrah’s Entertainment by Apollo Global Management and TPG Capital for $31bn in 2008....
...The company behind Caesars Palace and the Harrah’s chain rejected an unsolicited cash-and-stock merger proposal from Golden Nugget Casinos last year, which would have valued the company at $13 a share....
...It was a gamble based on the belief that casinos had weathered earlier recessions well....
...A consulting gig for Harrah’s, the casino operator, eventually turned into the CEO job for Mr Loveman....
...group Harrah’s and US radio operator Clear Channel....
...Economist Gary Loveman was teaching at Harvard Business School when he went to consult for the Harrah's casino chain in Las Vegas in the late 1990s....
...Now an obscure regional casino group out of Reno, Nevada is set to scoop up what has become the Caesars Entertainment empire....
...That was a year when US radio operator Clear Channel and the aforementioned casino group Harrah’s were taken private....
...The NY Post reported last week, citing sources, that HG Vora would push for changes at the company which operates the Harrah’s and Horseshoe casino brands....
...Except in January 2015, one house lost: the operating company behind Caesars Palace and the Harrah’s casino chain filed for Chapter 11 bankruptcy protection, sunk by more than $18bn of debt stemming from...
...“The casino business has this mathematical beauty to it....
...’s hotel and casino group and Blackstone bought Hilton for $26bn....
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