Private equity star's picks shine, until cash-out time: Reuters
Canadian financier Newton Glassman has long told his private equity firm’s clients that his big bet on casinos would yield a financial jackpot. Others haven’t been so sure. At the end of 2011, a year after Glassman’s Catalyst Capital Group took control of Gateway Casinos & Entertainment Ltd, Catalyst told investors in a report seen by Reuters that it already had more than doubled their money and that its majority stake was worth US$475 million, for an implied value of the company of US$699 million. But Catalyst was forced to abandon a planned initial public offering of Gateway in 2012 after investors balked at the firm’s valuation.
23 March 2018•10 mins read
