“There’s a misperception out there that we bust up companies. Or that I believe that all people on boards are bad. It’s just that, in some cases, the C.E.O.’s are so wrong.” — Tropicana Entertainment owner Carl Icahn, in a rare interview with the New York Times. Icahn’s former casino company has fallen on hard times under the ownership of Goldman Sachs. ROI is 4.5% and Goldman’s $1.3 billion purchase price would — if paid today — represent a 22X cash-flow multiple. In other words, Icahn took Goldman to the cleaners.
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[…] Quote of the Day « Stiffs and Georges […]
I remember watching this transaction from the outside looking in. Just as this was happenning, a local casino owner told me that Goldman, paying 12X earnings for a north las vegas blvd property, was paying way too much. “Six Times earnings was more realistic,” he said then. Just after closing, Goldman wanted to flip the Arizona Charlie’s and the Laughlin casino properties for what they paid — 12X earnings. In my conversations with a Goldman exec just after their purchase, he treated me as if I didn’t know anything about las vegas gaming values. Well, in the years since, I won’t damn Icahn for selling. I make fun of Goldman every chance I can.