Caesars Entertainment
About Caesars Entertainment
Caesars Entertainment, formerly Harrahs Entertainment, filed for Chapter 11 bankruptcy on January 15, 2015. The company had been acquired in a 30.7 billion leveraged buyout in 2008 by Apollo Global Management and TPG Capital. The LBO occurred just before the financial crisis, making it one of the worst timed deals in history. Caesars had 18.4 billion in debt. The bankruptcy was contentious, with junior creditors accusing Apollo and TPG of stripping valuable assets from the operating company before bankruptcy. The case settled with creditors receiving equity in a restructured company. Caesars emerged from bankruptcy in October 2017. Caesars acquired Eldorado Resorts in 2020 in a 17.3 billion deal, creating the largest casino company in the US.
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