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...Black later admitted that Apollo had “stumbled” and paid too much for the Las Vegas company....
...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....
...Even as casino traffic has plummeted by at least a quarter this year in Las Vegas, investors could not be more excited about the gambling business....
...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...
..., making its dramatic entry into the Las Vegas market....
...But while the Masters of the Universe were busy swapping accusations, Las Vegas quietly recovered....
...Caesars’ total debt of more than $25bn is the legacy of the near $30bn buyout of the Las Vegas casino group, then known as Harrah’s Entertainment....
...Caesars Acquisition also holds properties including Planet Hollywood and the newly renovated Quad Hotel in Las Vegas, now rebranded as the Linq Hotel....
...The group’s hotels and casinos, including the flagship Caesars Palace in Las Vegas, never saw their business fully recover....
...In this case the Las Vegas-based casino operator said this week it was seeking to raise almost $5bn in bonds and loans to refinance its commercial mortgage-backed securities and a chunk of junior debt....
...… Given TPG’s losses on high-profile investments, some investors say it was insensitive for Mr Bonderman to throw himself a lavish birthday party in Las Vegas last November, as he had 10 years earlier...
...But since its purchase, Caesars – formerly known as Harrah’s – has struggled to restructure its debt amid the global recession and an economic downturn that has wreaked havoc in Las Vegas, its biggest market...
...Harrah’s – owner of the Rio, Flamingo, Paris Las Vegas and Imperial Palace casinos on the Las Vegas strip – suffered a poor first quarter....
...US Airways is slashing the number of flights to Las Vegas, while other carriers with frequent flights to the gambling capital of the US have disappeared....
...Perceived value in the gaming industry persuaded Apollo and TPG to buy out Harrah’s Entertainment, the Las Vegas casino operator, for $28bn, a deal which was completed in January....
...Station, a Las Vegas casino operator, is the fourth casino in the last year to be taken private....
...Gary Loveman, chief executive, said Harrah's “will be ready” for the Caesars acquisition, which will add aluxury brand with significant presence in Las Vegas to its portfolio of regional casinos....
...With the relaxation of laws not as great as expected, Harrah’s Entertainment and MGM Mirage of Las Vegas may seek alternative ways into the UK market. Rank and William Hill would fit the bill....
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