In 2008, Harrah’s Entertainment was bought out by Apollo Global Management and TPG Capital for $30.7 billion.
The deal made the two private equity firms majority owners of the company, with Harrah’s management team retaining a minority stake.
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The buyout came at a time when the global economy was in turmoil and the gambling industry was facing challenges. In the years leading up to the deal, Harrah’s had been one of the most acquisitive companies in the gaming industry, buying properties in Las Vegas, Atlantic City, and other markets.
PRO TIP:Harrah’s Casino was acquired by Caesars Entertainment Corporation in 2005. The acquisition was valued at $9.4 billion, making it one of the largest gaming mergers in history. Caesars now owns and operates over 50 casinos, resorts and hotels around the world.
The buyout was financed with $27.8 billion of debt and $2.
9 billion of equity. The deal was structured as a leveraged buyout, with Apollo and TPG using debt to finance their purchase of Harrah’s.
The buyout proved to be a wise investment for Apollo and TPG, as Harrah’s navigated the challenges of the recession and emerged as a stronger company. In 2010, Harrah’s merged with Caesars Entertainment, creating the largest gaming company in the world.
Who bought out Harrah’s Casino? Apollo Global Management and TPG Capital.
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