harrah's louisiana downs casino horse racing schedule

It is improbable that CEC will be able to earn its way out from under this heavy burden of debt and issuing new common stock would be hard to do at best. The interest expense was nearly $2 billion.

For instance, in 2010, CEC had a profit of $532.3 million from operations, but when the interest on the debt was accounted for, CEC lost an astounding $1.292 billion before taxes. No matter how skilled CEC operating executives are, they cannot perform a miracle. The purchase of CEC corresponded with the recession that pummeled gaming and leisure industries. Not only was CEC loaded down with debt, but the timing could not have been worse. On the other hand, when Apollo Global Management and TPG Capital acquired CEC, they saddled the company with so much debt that it currently approaches a negative net worth. Operationally, CEC has as a cadre of executives whose skill sets are as good as they get in targeting customers with the right messages and player inducements. Loveman joined CEC (Harrah’s Entertainment at the time), his associates perfected the player rewards program-called Total Rewards-into perhaps the world’s best. Gary Loveman, the Chairman and Chief Executive Officer, is a former Harvard Business School marketing professor. On the one hand, it arguably has the best operating management of any casino company. Keeneland racetrack in Lexington, Kentucky, owns the other half.ĬEC is in a dilemma.

In addition, it owns a half interest in Turfway Park in Northern Kentucky near Cincinnati, Ohio. As a result, the stock is no longer publicly traded.ĬEC is the world’s largest casino company and owns two Thoroughbred racetracks outright (Harrah’s Louisiana Downs and Thistledown in Cleveland, Ohio) and one harness track (Harrah’s Chester in Pennsylvania).

Caesars Entertainment Corporation (CEC)–formerly Harrah’s Entertainment-was acquired on Januby affiliates of Apollo Global Management, LLC and TPG Capital, LP in an all-cash transaction valued at approximately $30.7 billion, including the assumption of $12.4 billion of debt and the incurrence of approximately $1.0 billion of acquisition costs.

Harrah's louisiana downs casino horse racing schedule