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WHY ITT PASSED ON BALLY IN FAVOR OF CAESARS WORLD
Published January 20, 1995
In the current issue of FORBES, Rita Koselka asks whether ITT made the right decision in buying Caesars World, rather than Bally Entertainment Corp. ITT bought Caesars for an estimated $2B while it could have acquired Bally for around "$850 million in cash plus assumption of $260 million in debt." And now, there is speculation that the company's CEO, Arthur Goldberg, is "fattening Bally to put it on the block at a better price than it would have fetched from ITT." Goldberg plans to invest around $44M into a "riverboat" project in the Mississippi/Louisiana area. Such investments question whether he "wants to expand rather than sell out." And, if he does, "it will be for a lot more than the $1.1 billion deal that ITT walked away from in 1993" (Rita Koselka, FORBES, 1/30 issue).