Leadership teams of both companies are all expected to remain in their current roles
Fertitta Entertainment has entered into a definitive agreement to buy perhaps the biggest name in gaming, Caesars Entertainment, in an all-cash transaction valued at approximately $17.6bn, including the assumption of approximately $11.9bn of Caesars’ outstanding debt.
Under the terms of the agreement, Caesars’ shareholders will receive $31.00 in cash for each outstanding Caesars’ share.
The companies said: “The deal brings together two of the world’s premier hospitality and gaming companies, each with deep roots in exceptional guest experiences and industry-leading loyalty programs. Caesars is one of the leading casino entertainment companies in the United States. It’s an iconic brand with a significant presence of eight locations on the Las Vegas Strip: Caesars Palace, Harrah’s, Paris Las Vegas, Planet Hollywood, Horseshoe, The LINQ Hotel, Flamingo, and The Cromwell, and one of the most recognised loyalty programs in the industry. Fertitta Entertainment brings a proven operating model and a decades-long track record of successfully integrating and growing market-leading hospitality and entertainment businesses, including Golden Nugget Hotels & Casinos and Landry’s, one of the largest and most diversified restaurant and hospitality companies in America.
“Fertitta Entertainment, alongside Caesars Entertainment, will create a combined company committed to dynamic offerings and unmatched customer loyalty. One built on a shared commitment to operational excellence, world-class customer service, and disciplined growth.”
On a combined basis, guests will enjoy access to a diversified array of offerings, including 60 domestic casino resorts and gaming facilities, spanning premier Las Vegas Strip destinations and regional markets across the country; online gaming including sports betting, iCasino, and Poker, through Caesars’ industry-leading digital platform; retail sports betting at over 200 third-party locations through the William Hill brand; and over 550 Fertitta Entertainment outlets, including more than 450 Landry’s full-service restaurants spanning some of America’s most beloved dining brands located coast to coast.
By combining best-in-class loyalty programs, Caesars Rewards, Golden Nugget’s 24 Karat Select Club, and Landry’s Select Club, Fertitta Entertainment is building what we believe will be an industry leading loyalty ecosystem in the hospitality industry. From prime locations along the Las Vegas Strip to our footprint in smaller regional markets, members will enjoy significant access and rewards across our expanded network of casinos, signature hotels, award-winning restaurants, and premier entertainment, all through one seamless experience. Together, we are setting a new standard for what a loyalty-driven, hospitality-first company can be.
The leadership teams of both companies are all expected to remain in their current roles and continue to lead the combined companies’ operations. This continuity reflects our confidence in the leadership teams that have built both companies into the premier casino, entertainment, hospitality and restaurant companies they are today, and our commitment to preserving the operational momentum and guest-focused culture they both have cultivated.
JPMorgan analyst Daniel Politzer sees the potential for some casino properties being put up for sale, pointing to an overlap between Golden Nugget casinos and Caesars Entertainment in Lake Tahoe, Lake Charles, Atlantic City, Biloxi, Laughlin, and Las Vegas. There is also a slight casino overlap in Cripple Creek, Colorado, and Danville, Illinois, with Caesar’s portfolio.
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Leadership teams of both companies are all expected to remain in their current roles Fertitta Entertainment has entered into a definitive agreement to buy perhaps the biggest name in gaming, Caesars Entertainment, in an all-cash transaction valued at approximately $17.6bn, including the assumption of approximately $11.9bn of Caesars’ outstanding debt. Under the terms of the…
The post Fertitta Entertainment buys Caesars for $17.6bn appeared first on G3 Newswire.