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Posted by on Jan 31, 2022 in Blog, Las Vegas | 0 comments

The Failed Casino Ownership with No Shame: “Bankruptcy Barron” Apollo Trying to Return to Las Vegas

 

 

“Eleven months after the transaction was announced and more than a year after the death of Las Vegas Sands founder Sheldon Adelson, the Nevada Gaming Control Board will consider the sale of one of the gaming industry’s most high-profile Strip properties during a licensing hearing Wednesday in Las Vegas.

It won’t be a simple discussion, given Apollo’s 11-year controversial ownership of Caesars Entertainment.”

READ THE FULL STORY HERE

This story might be the most outrageous thing I’ve ever read about Las Vegas and corporate finance, which is REALLY saying something.

How can Apollo, a giant equity management company that bought out Caesars back in 2008 and then ran it straight into the ground, even show their faces in Nevada — let alone anyplace in the casino industry?

Have they NO SHAME?

Apollo shouldn’t even be allowed to get a business license to run a hot dog stand in this city.  This despicable “management group” stiffed hundreds of creditors in bankruptcy courts for billions, clearly hid assets, and then stretched out costly lawsuits for nearly a decade. They LOST more money than anyone in the history of this industry, but then never paid any fines, never paid any restitution, nor faced any charges whatsoever for their appalling incompetence.

The clowns who ran Apollo NEVER lost jobs for committing grotesque mismanagement, except for the slimy CEO who had close ties to Jeffrey Epstein (yeah, that guy). Now, Apollo is back in the game! The same finance people are calling the shots. THEY’RE ON THE PROWL AGAIN!

Watch your wallets people, because — based on their miserable track record — SOMEONE is going to get screwed again, and it sure won’t be the executives at Apollo!  Crime pays!

READ WHAT APOLLO EXECS EARN (ANSWER:  ABOUT $22 MILLION EACH, ON AVERAGE)

I’m totally baffled. Shouldn’t FAILURE come at a cost? Shouldn’t state regulators, entrusted by the public to screen would-be buyers and licensees, do their jobs and keep “BAD ACTORS” like Apollo out of the state and ban them from the casino business?

This is mind-boggling. I can’t even imagine they are getting a hearing and this application for approval is being taken seriously.

The application for approval should just be rejected.  It should be thrown out by the Nevada Gaming Control Board and then celebrated by the people of Las Vegas as a triumph.  It should serve as a lesson that burning bridges and ruining people’s lives comes at a cost.

READ MORE BACKGROUND:  CAESARS’ BANKRUPTCY IS ANOTHER HIT ON PRIVATE EQUITY

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