Major Las Vegas casino operator might sell for $7B, report says
Tilman Fertitta is in exclusive talks to buy Caesars Entertainment Inc. for $7 billion, potentially reshaping the Las Vegas casino landscape.Summary
According to a Wall Street Journal report, Texas billionaire Tilman Fertitta is the leading candidate to acquire Caesars Entertainment Inc. for $7 billion, surpassing a competing offer from Carl Icahn. Fertitta Entertainment is reportedly discussing a price of around $34 per share. Caesars Entertainment’s stock price rose nearly 12% following the report, though it settled at $28.41, giving the company a market capitalization of roughly $5.9 billion. The company carries a significant debt load of $11.9 billion, not including long-term lease payments. While no sale is imminent, and negotiations could fall through, the potential acquisition could significantly alter the casino industry. Fertitta, currently the U.S. ambassador to Italy and San Marino, already has substantial holdings in the gaming and hospitality sectors, including Golden Nugget casinos and a major stake in Wynn Resorts. The deal is structured to potentially allow Caesars Entertainment to be divided without needing approval from Vici Properties Inc.
(Source：Las-vegas Review Journal)