Harrah's Owners Write Off $600 MillionLargest Ever Private Equity Write Down Reported by World Series of Poker Brand Owners |
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English online newspaper Telegraph.co.uk has reported that Apollo Global Management and TPR Global, the private equity firm that bought out Nevada-based Harrah’s Entertainment in January this year, has written down more than 20 percent of its value.
The companies, which paid $17 billion for World Series of Poker owners Harrah’s and acquired London Clubs International in Great Britain as part of the deal, have written off $600 million.
The write-off has likely been influenced by the 20.6 percent drop in earnings (before interest, tax, and amortization) to $436.7 million experienced by Harrah’s.
Josh Harris, a managing partner at Apollo, was quoted by the paper as saying, "The gaming industry has attractive long-term fundamentals, and we believe we acquired a leading company in the industry."
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