About this episode
The episode discusses the reopening of Nevada casinos after COVID-19 and the acquisition of Caesars Entertainment by Fertitta Entertainment.
This week in Vegas history: June 4, 2020, Nevada casinos reopened after the COVID-19 shutdown. After more than two months closed, casinos across Las Vegas began reopening, including properties on the Strip, downtown, and around the valley. The D and Golden Gate reopened at 12:01 a.m., while other properties followed later that day. NEWS: Fertitta Entertainment is buying Caesars Entertainment in a deal valued at $17.6 billion, including about $11.9 billion in assumed debt. The deal would take Caesars private. Shareholders would receive $31 per share, which Reuters describes as nearly a 50% premium to Caesars’ stock price before the deal was first reported in February. Tilman Fertitta’s company already owns Golden Nugget casinos, the Houston Rockets, and a large restaurant/hospitality portfolio, including brands like Rainforest Café and Bubba Gump Shrimp. Caesars has been under pressure from softer Las Vegas visitation and growing competition in online betting, where rivals like FanDuel and DraftKings are stronger. Caesars’ current leadership is expected to stay, including CEO Tom Reeg and CFO Bret Yunker. The deal includes a “go-shop” period through July 11, meaning Caesars can…
Topics covered
- Las Vegas history
- casino reopening
- COVID-19 impact
- Fertitta acquisition
- Caesars Entertainment
- online betting competition
Keywords
- Nevada casinos
- COVID-19
- Fertitta Entertainment
- Caesars Entertainment
- Las Vegas
- casino acquisition
- online betting
Mentioned in this episode
Organizations: Fertitta Entertainment, Caesars Entertainment
Products: FanDuel, DraftKings, Golden Nugget, Rainforest Café, Bubba Gump Shrimp
Places: Las Vegas, Caesars Palace, Harrah’s, Eldorado
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