A fight with the creditors ensued and accusations of asset-stripping were hurled at Apollo and TPG. ![]() In January 2015, under pressure from its creditors, the business went into Chapter 11 bankruptcy protection. The business, by now back on the stock market after a re-listing in 2012 which saw Apollo and TPG retain a controlling 71% stake, was kept afloat by the sale of assets.īy now though, large chunks of Caesars' debts had been scooped by distressed debt specialists such as Oaktree Capital, Elliott Management and Appaloosa Management, some of whom had ironically worked with TPG and Apollo in the past.Īt the end of 2014, Caesars' owners were warning that the company was about to run out of cash, proposing a reorganisation that would have seen it split into two businesses - one to own the property assets of Caesars and the other an operating company that would manage the casinos. The problems intensified as the company failed to secure a gaming licence in Macau, missing out on the gambling boom in Asia, while at home losses continued to mount: in 2013 alone, Caesars lost $2.2bn as interest on its debts continued to pile up. In 2010, the business was rechristened Caesars Entertainment after its best-known asset, but continued to struggle as trade resolutely failed to pick up. ![]() Image: Celine Dion is among top artists to have held a residency at Caesars Palace in Las Vegas
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