Caesars Deal: Loyalty Programs Promise Bigger Jackpot
Caesars Entertainment to Be Acquired by Fertitta Entertainment
Entertainment mogul Tilman Fertitta has agreed to buy Caesars Entertainment for $18 billion, roughly the same amount Eldorado paid in 2019. The pandemic, higher interest rates, and mobile apps have taken their toll on the industry.
Hefty Lease Debt Is a Gamble, but Loyalty Programs Offer a Bigger Jackpot
The deal includes about $11.9 billion of Caesars' outstanding debt. Fertitta is taking on significant lease debt but believes Caesars' loyalty programs will yield substantial returns in the long run.
The all-cash transaction is expected to close soon. PJT Partners is advising Caesars, while Morgan Stanley and Goldman Sachs are advising Fertitta.
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