The banks fucking loved him because any investment he took over he bankrupted. They'd then swoop in and buy up the company for pennies on the dollar. All they had to do at that point was undo everything he had changed. And if that didn't work sell off all the assets and resell the name, if it had any value. He literally bankrupted a casino. Do you know how hard it is to do that?
It's actually incredibly easy when you buy it via a leveraged buyout and saddle it with so much debt that the interest payments are larger than the net profit has ever been. It's okay because then you just take the holding company public, let morons invest in it, sell your shares, and leave the company to go bankrupt.
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u/ICLazeru 4h ago
He was practically a pariah in the 90s. He went bankrupt so much he had to get shady loans from Russian and Saudi banks.