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What Stays in Vegas by Adam Tanner

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8

Recession

The Economic Crisis Hits

Gary Loveman had made Caesars so attractive by 2006 that two private equity firms, Apollo Global Management and TPG Capital, swooped in to take Harrah’s private. Financial markets were soaring, so they paid a staggering $30.7 billion. The firms financed the deal, which was completed in January 2008, by taking out a huge amount of loans. The debt saddled the casino company with big interest payments it would be obligated to pay long into the future. Everything would be fine if business kept growing.

It turned out to be an especially inauspicious time to buy a massive casino company. Vegas was heading into dark days. After continuously building ever more grandiose structures, the industry faced unprecedented ...

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