Fertitta to acquire Caesars Entertainment for $5.7 billion
The Story
Caesars Entertainment, known for Caesar’s Palace on the Las Vegas Strip, is being acquired by Fertitta Entertainment for nearly $6 billion. The deal includes Fertitta taking on approximately $12 billion in Caesars debt, bringing the total transaction value to about $17.6 billion.
Key Facts
- Fertitta Entertainment, owner of Las Vegas’ Golden Nugget and chains like Rainforest Cafe and Morton’s, will pay $5.7 billion and assume close to $12 billion in debt from Caesars.
- The total value of the deal is about $17.6 billion.
- Caesar’s Palace opened on the Las Vegas Strip in 1966; Caesars’ roots trace back to the 1930s in Reno, Nevada.
- Caesars may seek competing bids through July 11.
- Caesars investors will receive $31 per share in cash, a 49% premium over the share price before February merger speculation.
- Shares of Caesars Entertainment rose almost 2% before the opening bell Thursday and are up 15% since merger rumors emerged.
Conflicting Reports
No conflicting reports identified in the source article.
Still Unclear
No open questions identified in the source article.
Misconceptions
No widespread misconceptions addressed in the source article.
Key Figures
- Caesars Entertainment
- Fertitta Entertainment
Sources: abcnews.com
