Entries tagged "casino"
Harrah's Entertainment Inc.'s ills reportedly continue to erode the value of a $5.87 billion equity bet that buyout sponsors made on the casino and hotel operator. GoldenTree Asset Management LP, a New York alternative investment house that co-invested in the $29.9 billion LBO of Harrah's that closed Jan. 28, has written down its equity in the deal by 75%, according to Monday's Wall Street Journal. GoldenTree declined to comment on the report....
So much for that notion that gaming companies are recession-proof. We've seen particular gaming locales (see Atlantic City, N.J.) and particular owners (see Donald Trump) have bankruptcy issues, but not the industry as a whole. If 2008 has taught us one thing, however, it's that a struggling economy can reach every sector. ...
The saga of Atlantic City, N.J.'s Tropicana Casino & Resort has several potential endings, and few of them seem to be positive for owner Tropicana Entertainment LLC. ...
