Caesars Entertainment
Apollo and TPG acquired Harrah's in 2008 for $30.7B in one of the largest LBOs ever, loading $25B in debt. Extracted hundreds of millions in fees while transferring valuable real estate. Filed the largest bankruptcy in gaming history in 2015.
- FOUNDED
- 1937
- ACQUIRED
- Apollo Global Management, 2008, $30.7 billion
- IMPACTS
- 1 documented
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Editorial Record
maintained by DeathbyPE. Every claim links to a public source.Timeline
Caesars Entertainment founded
Acquired by Apollo Global Management for $30.7 billion
Caesars filed largest gaming bankruptcy in history after $30.7B LBO
CriticalClosure / BankruptcyApollo and TPG loaded $25B in debt onto Caesars in one of the largest LBOs ever. They extracted hundreds of millions in fees and transferred valuable real estate to entities they controlled. Filed Chapter 11 in January 2015. Creditors accused PE firms of looting the company.
How Apollo and TPG Milked Caesars Entertainment
Before / After
Debt loaded
reported 2015
before Profitable operation
after $25B in debt, bankruptcy
-100%
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