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Blackstone Wins Casino Work as Schwarzman Hedges LBOs With Restructurings

Bloomberg - Blackstone Group LP, the private- equity firm known for raising the largest buyout fund ever, has emerged from the recession with a new reputation: one of the world’s busiest restructuring advisers.

Among casino resorts in particular, where fallout from the financial crisis continues to hamper a recovery, New York-based Blackstone has become a leading workout adviser. The team, led by senior managing director Timothy Coleman, is involved with at least three of the largest current assignments: Kerzner International Ltd, the Mashantucket Pequot Tribe’s Foxwoods Casino, and the Mohegan Tribal Gaming Authority, which owns the Mohegan Sun casinos. The three companies have more than $8.5 billion in combined liabilities.

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