Write-down

Apr 5, 2010 3:35 PM

Apollo Management LP, one of the partners with TPG in the acquisition of Harrah’s Entertainment Inc., has announced that it has marked down the value of its investment.

The value of the Harrah’s investment, said Apollo, was reduced to $884 million, following a decline of $152 million.

In May, 2008, Apollo invested $1.17 billion in its partnership effort to takeover the publicly traded company. Since then, Harrah’s Entertainment, like most large gaming companies, has suffered from the economic downturn.