Financial Times FT.com

Harrah’s investment weighs on Apollo fund

By Martin Arnold in London

Published: August 14 2008 20:48 | Last updated: August 14 2008 20:48

The private equity owners of Harrah’s have written off about $500m on their investment in the world’s largest casino group less than two years after acquiring the owner of Caesar’s Palace in Las Vegas for $28bn.

Apollo Global Management, which bought Harrah’s with its rival TPG Capital in December 2006, published the decision in the second-quarter results of its Amsterdam-listed feeder fund, Apollo Alternative Assets.

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