A pollo and Texas Pacific are unknown to employees despite gaining a reputation on Wall Street in recent years as one of the biggest acquisition companies to take the U.S. company private.

For example, in one presentation, "The two companies demonstrated a track record and strong reputation of working with the companies to foster and grow some of the most recognized brands in the U.S., including Continental Airlines, Neiman Marcus, Vale Resorts, Linens & Things, J. Crew, GNC Corporation, and Balishu. Of particular importance is their long-term perspective and willingness to help us in any way they achieve our growth strategy and reach our full potential."

Analysts are divided over whether Hara will grow or downsize spending, with some experts saying Hara may choose to moderate. They say Hara may cut back on the plans somewhat without disappointing the public, as she has yet to reveal many details about her plans in Las Vegas and abroad.

The news of Harrer's acquisition comes as many of the biggest private equity firms, including Apollo, have formed their first trading associations to help legislatures and regulators understand how the acquisition company works.

The association will also help give a positive face to companies historically and sometimes unfairly linked to mass layoffs and the sale of assets to generate revenue.

As the seventh-largest leveraged buyout in U.S. history and the largest in gaming, Harra's deal is uncharted for everyone involved. At the moment, Harra's executives are optimistic about growth.

The company continues to expand Hara's Atlantic City, due to be completed in 2008, and is buying London Club International, a chain of British casinos that also owns casinos in Egypt and South Africa, with plans to build at least five casinos across the UK.

"Internationally, we don't expect (the purchase) to affect any of the plans," Halkyad said of the company's goal of building Caesars casinos in the Bahamas, Spain and Slovenia.

Asia is still a key part of the company's growth plan, he added. "We would love to have a Caesar in Macau someday," he said.

Whether Station will be the biggest victim of a global recession could come down to whether the Pertita family, which founded the company and now owns about 24% of its stake, is willing to write big checks, as Las Vegas Sands CEO Sheldon Adelson did last month to run the company.

Adelson's $1 Billion Cash Injection Stopped Defaulting Bank Loans.

The amount that Cash Station's Fertita family or their investment partner, Colony Capital, can offer under these scenarios is an open question, especially as Colony faces issues related to a slew of other real estate investments that have hurt the economy. These issues include the Resorts Atlantic City casino, which recently missed out on interest payments.

(Station Casino's Aliante Station and Green Valley Ranch Casino are joint ventures between the Greenspun family and the company that owns the Las Vegas Sun.)

Some analysts think Pertitas will do everything it can to support the company it helped build. It is not known how much of Pertitas' cash is tied to other investments, such as their Ultimate Fighting Championship franchise.

These shares can be worthless if they go bankrupt.

One option available to casino companies like MGM Mirage, which is selling Treasure Island to raise cash, is meaningless for companies with high levels of leverage like stations.

Like many homeowners whose mortgages are above the value of their homes, properties at the station are worth less than the company's debt. Selling a property will not hurt the debt much and will reduce the revenue it generates. Few buyers have the ability to get cash or licenses anyway.

As of Sept. 30, the station said it was paying about $1 in interest on $2 in revenue, leaving little room for operations. Under terms with the bank lender, the rate could not drop below $1 in interest on $1.75 in revenue until the end of the year.

From March 31, the company will have to earn more money compared to the interest payments.

Also, the conditions state that the station will not have more than $8 in debt on all imported dollars until the end of this year, and that maximum will fall next year. As of Sept. 30, the company had $7.40 in debt on all imported dollars.

Meeting these requirements will be difficult, if not impossible, if the recession continues at least through mid-2009 or 2010, as experts predict. Now that the economy has subsided, so has the cost of playing.

The station has cut computer costs for gamblers, cut staff, cut restaurant hours, and shut down company-owned restaurants that have been replaced by tenants. From January to Sept. 30, the station cut casino costs by 5 percent and food and beverage costs by 10 percent. (Room costs increased by 10 percent, with room revenue falling by 2 percent.)

Overall, costs rose slightly, with sales falling 7% over the nine-month period. The one-time surprising growth in the Las Vegas market has made it the company that benefits the most compared to its competitors.

Station became the equivalent of well-meaning homeowners who took on debt in hopes of repaying their mortgages and earning more money in the future.

Housing shouldn't be a money-making investment. But Station Casino's leverage buyout was a seemingly harmless proposition that could use borrowed money to make owners significantly richer, pay this money relatively quickly, and put the company back on the public list years later.

This was a new era for private equity funds like Colony Capital, which is a cutting edge in financial engineering and is known for opportunistic acquisitions of companies in need.  파워볼실시간

Station wasn't a declining company, contrary to some of Colony's goals. In the years it was founded as a small casino company, people who bought station shares made a lot of money when they sold them for $90 a share. But at the time, it seemed to be a relatively small price to pay for a company that consistently generates strong returns from its unrivaled future casino pipeline.