Paying for the Caesars empire

The Story of Money

Manuela Saragosa

Business, Crypto, Markets, Finance, Banking, Investing, History, News

4.4 • 400 Ratings

🗓️ 24 July 2019

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

About 10 years ago, two legendary private equity firms, Apollo Global Management and TPG, teamed up to carry out a leveraged buyout of one of the biggest and most iconic gaming companies, then known as Harrah’s. They financed the purchase by taking advantage of Harrah’s real estate. Now, an obscure regional casino group out of Reno, Nevada is set to scoop up what has become the Caesars Entertainment empire in a deal that is making use of a pretty similar kind of financing. The FT’s Sujeet Indap tells the story.

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Transcript

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0:00.0	Am I missing anything? Is this the right decision?
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0:30.5	Las Vegas might be known for the high rollers that it attracts, but it's also become one of the targets of Wall Street's biggest gambles.
0:39.0	Take this one for example, about 10 years ago, two legendary private equity groups, Apollo Global Management and TPG,
0:46.0	teamed up to carry out a leveraged buyout of one of the biggest and most iconic gaming companies,
0:52.0	what was then known as Harris.
0:55.0	And they financed the purchase by taking advantage of Harris real estate.
1:00.0	And now an obscure regional casino group out of Reno, Nevada is set to scoop up what has become
1:04.8	the Caesar's Entertainment Empire in a deal that's exploiting a pretty similar type of financing.
1:11.2	Hello and welcome to Behind the Money with the Financial Times.
1:14.0	I'm Amy Keene.
	...

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