Harrah's Entertainment Chairman and Chief Executive Officer Gary Loveman said the general public continues to misunderstand what life for the gaming giant will be under its new private equity ownership.
Texas Pacific Group and Apollo Management are not looking to come in, strip down the company and start flipping assets. That is the old way of doing business.
"Today, the problem is how do they invest almost an unimaginably large amount of money profitably where they can earn fees and do good investments."
Loveman said people can look to Texas Pacific's ownership of Neiman Marcus, which it bought in October 2005 for $5.1 billion.
"It was nothing where they needed to shake it down and flip but rather where they wanted to help it experience its growth plan and invest in a high quality asset. This is exactly the same thing that applies to us."
Same-store sales for the high-end retailer rose 6.8 percent last quarter. Texas Pacific announced in April it could be taking the company public again at the end of this summer.
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