This Casino Play Is Strictly for Gamblers

Casino operator Harrah's was taken private in January 2008 for $17.3 billion. That deal, coming just months before the Great Recession, was ill-timed and grossly overpriced in light of the pending credit crunch and economic conditions.

In order to complete this deal, private equity firms Apollo Global Management (APO) and TPG Capital took on more than $11 billion in debt -- and it has been a crushing burden ever since. The company was renamed Caesars Entertainment (CZR), and a tiny sliver -- just 1.45% of the outstanding shares -- had an initial public offering Feb. 8, 2012. That allowed the public a chance to get in while providing insiders with an exit vehicle....521 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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