Moody's: The Only Hope for Harrah's is an IPO
Moody's is out today with a new report on Harrah’s, the casino giant taken private two years ago for $27 billion. And its conclusions are not good for Harrah’s owners Apollo Management and TPG Capital. Instead, Moody’s virtually compares the pair — only identified as “management” — to degenerate gamblers. The company has enormous debts, but rarely takes the opportunity to pay them down. Instead, it keeps spending on new initiatives, hoping that the payouts will constitute salvation.
22 July 2010•2 mins read
