Caesars Entertainment (fka Harrah's)

restructured

Media / Gaming — Apollo / TPG

Deal Terms

Entry Year2008

Entry EV$30.7B

Entry Multiple10x

Leverage8x

Debt Amount$24.6B

Risk Metrics

LTV (est.)80%

Debt / EV0.80x

Notes

Apollo/TPG $30.7B LBO of Harrah's (2008) — second-largest LBO ever. $24.6B debt. Filed Chapter 11 Jan 2015. Largest gaming bankruptcy in history. PE sponsors accused of asset-stripping: moved properties to unrestricted subsidiaries. $18B in debt eliminated. Apollo/TPG lost billions.

Sponsor

Apollo Global Management$938B AUM