Bankruptcy / Closurecritical2015
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Caesars Entertainment
Gaming & Casinos ยท owned by Apollo Global Management
Caesars filed largest gaming bankruptcy in history after $30.7B LBO
Apollo 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.
Debt loaded
Before
Profitable operation
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After
$25B in debt, bankruptcy
Change
-100%
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