The Caesars Palace Coup

How a Billionaire Brawl Over the Famous Casino Exposed the Corruption of the Private Equity Industry

By: Max Frumes, Sujeet Indap

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eBook | 16 March 2021

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Modern corporate titans collide in this explosive true story of how private equity firm Apollo Global Management's thirty-billion-dollar buyout of Caesars Entertainment turned into unprecedented bankruptcy of the gaming empire.

In the bestselling tradition of Michael Lewis's The Big Short and Ben Mezrich's Bringing Down the House, journalists Max Frumes and Sujeet Indap deliver a page-turning account of the spectacular 2015 bankruptcy of America's biggest gaming empire, Caesars Entertainment. Backdropping this thrilleresque narrative are the jokers, kings, and called bluffs at the center of the modern distressed-debt-investing world.

Distressed-debt investing, dubbed "vulture investing" in its infancy, is the buying of debt of struggling corporations, institutions, and even cities or countries-and making a windfall profit on a turnaround. In covering the extraordinary Caesars case, Palace Coup presents an unforgettable depiction of a riches-to-rags adventure unlike any other as it appraises the battling billionaires who held the cards in 2008's leveraged buyout. This wild coup's scope spans courtrooms, levels of government, academic halls, and ultimately involves an entire corrupt system of liar's poker. Readers will discover just how rivetingly sophisticated-and underhanded-the high-stakes finance battleground has become.

Authors Frumes and Indap, experienced business journalists, illuminate the major players and businesspeople at the tipping points of almost every major vulture's turnaround in recent history. Palace Coup reveals the cut-throat, multilevel competition enacted by powerful investors used to getting their own way. And goes one step further to consider the devastating, true impact of the upheaval wrought by their actions. It's a treacherous game. Roll the dice.