Fertitta Entertainment acquires Caesar’s Entertainment for $17.6BN
Fertitta Entertainment has signed a DA to acquire Caesar’s Entertainment for $17.6BN in an all cash deal including $11.9BN in estimated debt. Caesar’s shareholders will receive $31/share, a 49% premium since before the rumors broke. After a go-shop period till June 11, the deal will close in 2027 after regulatory approval. Financing will come from a mix of Fertitta equity and committed debt arranged by ten banks. The buyer is led by Tilman Fertitta, the owner of the Huston Rockets and the Golden Nugget casino brand.
Goldman Sachs and Morgan Stanley advised Tilman Fertitta and PJT acted as sell side advisors to Caesar’s.
I know people on this forum hate on PJT M&A but top strategic advisory groups like the Media and Entertainment vertical are still heavy hitters. Curious to hear yalls thoughts?
Amish Barot is probably the best gaming banker on the street.
Sounds like an island visitor
Dean Decker has entered the chat
This is a one-off hit for PJT to be fair. They've had a pretty shit year (last year too was not great).
This will definitely get bid up. Anyone have a breakdown on the proposed debt structure?
Senior Secured Notes (2030 and 2032) and senior unsecured notes (2029 and 2032) totaling $12BN rolling over to consolidated entity to avoid high interest. The new debt hasn’t been disclosed yet but it should be just under $5BN including bridge and new senior secured loans/bonds.
Correct me if I’m wrong
Wow. No JEF? Was there a fallout between Rich and Tillman.
can't wait to get staffed on restructuring the debt for this in like 3 years
Landry's TLB quotes at 85 on the dollar lol
No santander lol
Accusamus et amet eaque. Autem pariatur qui voluptatem et. Ullam saepe ex dignissimos rem et. Ea minima qui assumenda aut. Nihil qui blanditiis molestiae sit. Similique dignissimos consequatur soluta illo ad. Ut molestias modi ratione excepturi et voluptate amet.
Deleniti sit atque est esse sunt et. Voluptatem harum sapiente non laboriosam ea non. Quaerat voluptas laudantium corporis explicabo enim. Cupiditate et id voluptatem sit ducimus error. Facilis ipsam beatae sapiente animi ut eveniet.
Deserunt eligendi veniam blanditiis vel architecto sit. Modi quia harum neque molestiae placeat earum est. Quis amet accusantium doloremque et. Voluptatum ipsam nihil omnis exercitationem dolore voluptates excepturi.
Corrupti et placeat dolorum in pariatur. Omnis laboriosam non omnis qui facere deserunt possimus odio. Delectus delectus dolorum reiciendis rerum voluptas et.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...