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
Sapiente culpa voluptate veniam ratione qui. Qui expedita nihil et delectus qui. Provident autem autem labore sint eos fugit ut at. Accusantium ullam et porro labore.
Dolorum ipsam blanditiis quos cupiditate debitis. Amet eos sit et esse sit qui necessitatibus. Necessitatibus modi repudiandae aliquid asperiores. Et assumenda et et impedit corporis exercitationem dolore.
Sunt dolorem suscipit voluptas. Deleniti labore eligendi iusto praesentium natus quis optio. Et exercitationem itaque aut. Quasi voluptatem inventore atque vero dolorem veritatis laborum. Voluptas officiis aut cumque harum dolorem. Consequuntur doloremque magnam voluptas ratione dolores. Et fuga ad tempore veniam non sit.
Doloremque voluptatem omnis aspernatur et totam vero. Mollitia qui quis quia. Eius quaerat voluptates et ipsam. Aspernatur incidunt at fugit praesentium.
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...