A Gambling Giant Is Going Bankrupt, Proving Once and For All That Casinos Are Not Recession-Proof

The iconic company has struggled since its 2008 buyout on the cusp of the Great Recession, and it’s been further hurt by the gambling industry’s woes in Atlantic City – woes so bad that the U.S. Department of Labor is pouring nearly $30 million into a job training program for casino workers who’ve found themselves jobless. Apollo Global Management poured $1.7 billion into Caesars back in 2008, and Caesar’s Chapter 11 filing would be the last step in the Apollo’s attempt to salvage what it can of that investment.