Private Equity News & Analysis

5 HARRAH'S ENTERTAINMENT<br/>NO JACKPOT

5 HARRAH'S ENTERTAINMENT<br/>NO JACKPOT 2009-10-01 Staff Writer <strong>A huge gamble on the gaming industry has come up snake eyes</strong><br> <table> <tbody> <tr> <td><strong>THE DEAL</strong></td> &

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PEI Staff
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<p> 5 HARRAH'S ENTERTAINMENT&lt;br/&gt;NO JACKPOT 2009-10-01 Staff Writer &lt;strong&gt;A huge gamble on the gaming industry has come up snake eyes&lt;/strong&gt;&lt;br&gt; &lt;table&gt; &lt;tbody&gt; &lt;tr&gt; &lt;td&gt;&lt;strong&gt;THE DEAL&lt;/strong&gt;&lt;/td&gt; &</p>

A huge gamble on the gaming industry has come up snake eyes

THE DEAL
Company Harrah's Entertainment
Type of business Hotel and casino operator
Date completed October 2006
Sponsors Apollo Global Management, TPG
Deal value $27.4 billion
Equity $5.7 billion
SNAPSHOT
Value of equity 0.25 times cost
Term loan 83.75
Secured 11.25% 102.00
Second lien 71.00
Guaranteed 10.75% 67.00
Senior unsecured 6.5% 51.50