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Caesars Entertainment

All articles tagged with #caesars entertainment

Tilman Fertitta to Take Caesars Private in $17.6B Las Vegas Shakeup
business1 month ago

Tilman Fertitta to Take Caesars Private in $17.6B Las Vegas Shakeup

Billionaire Tilman Fertitta plans to acquire Caesars Entertainment for roughly $17.6 billion, paying $31 per share in cash and assuming about $11.9 billion of Caesars’ debt. Caesars’ board has approved the deal and recommends shareholders vote in favor, but it still requires regulatory and shareholder approvals, with a go-shop period through July 11, 2026. The takeover could bring debt restructuring and cost-cutting, leverage Fertitta’s hospitality network (Golden Nugget, Landry’s) and Caesars Rewards for broader cross-marketing, and potentially reshape the Las Vegas Strip through strategic divestitures and leadership changes over time; the deal could take up to a year to close.

via Casino.org|
#business#caesars-entertainment#casinos
Tilman Fertitta to Create a Gaming Empire with $5.7B Caesars Buyout
business1 month ago

Tilman Fertitta to Create a Gaming Empire with $5.7B Caesars Buyout

Billionaire Tilman Fertitta is acquiring Caesars Entertainment for about $5.7 billion and assuming roughly $12 billion in Caesars debt, valuing the deal near $17.6 billion. The merger would forge a large gaming empire with 60 casino resorts, online gaming, and sports betting at more than 200 locations via William Hill, plus Fertitta Entertainment venues. Caesars shareholders will receive $31 per share, a 49% premium, and competing bids are allowed through July 11, subject to shareholder approval. The deal reflects optimism for Las Vegas’s post-pandemic recovery and maintains positive ties with labor unions.

via KOB.com|
#business#caesars-entertainment#gaming-industry
business1 month ago

Caesars to Be Acquired by Fertitta in $17.6B All-Cash Deal

Caesars Entertainment agrees to be acquired by Fertitta Entertainment in an all-cash deal valued at about $17.6 billion (including $11.9 billion of Caesars’ debt), with Caesars shareholders receiving $31 per share — about a 49% premium to the February 25, 2026 close and a 46% premium to the 30-day VWAP. Caesars’ board unanimously approves and recommends stockholders adopt the merger; the transaction is not subject to financing and will be funded by Fertitta equity, assumed debt and new debt financing, with a go-shop period through July 11, 2026. The deal requires stockholder and regulatory approvals; upon closing, Caesars will cease trading on NASDAQ and the combined company will span 60 casino resorts, online gaming and sports betting, Landry’s restaurants and other entertainment venues, connected by Caesars Rewards. The Carano family will roll over a portion of its stake. Management is expected to stay in place; the transaction carries typical closing conditions and potential termination provisions.

via Caesars Entertainment|
#acquisition#business#caesars-entertainment
Fertitta Eyes Caesars Takeover in Weekend Negotiations
business4 months ago

Fertitta Eyes Caesars Takeover in Weekend Negotiations

Tilman Fertitta’s Fertitta Entertainment is negotiating to acquire Caesars Entertainment for about $6.5 billion in equity (roughly $32 per share) with an enterprise value near $31.5 billion, within a 45-day exclusive window; billionaire Carl Icahn has bid higher and could top the deal, which faces regulatory and shareholder scrutiny and isn’t expected to close until 2027.

via CNBC|
#business#caesars-entertainment#carl-icahn
Tentative Deals Reached to Avert Las Vegas Hotel Worker Strikes
labor-relations2 years ago

Tentative Deals Reached to Avert Las Vegas Hotel Worker Strikes

A tentative contract is close to being reached between the Las Vegas hotel workers union and MGM Resorts International, following a breakthrough deal with Caesars Entertainment. The contract, which is pending approval by the union's rank and file, would cover 20,000 hospitality workers and is expected to address concerns such as pay increases to combat inflation. The union had threatened to strike if negotiations failed, but the tentative agreement with Caesars has provided momentum for new contracts for all 35,000 members. However, a strike could still occur if deals are not made with MGM Resorts and Wynn Resorts by Friday morning.

via ABC News|
#caesars-entertainment#hotel-workers-union#labor-relations
Caesars and Las Vegas Unions Reach Deal, Averting Strike
business2 years ago

Caesars and Las Vegas Unions Reach Deal, Averting Strike

Caesars Entertainment has reached a tentative deal with Las Vegas unions representing about 10,000 employees, averting a strike that was scheduled to take place in two days. The five-year contract, whose details were not immediately available, includes meaningful wage increases and aligns with plans to bring more union jobs to the Strip. Talks with MGM Resorts International and Wynn Resorts are ongoing, with a strike deadline set for Friday. The Culinary and Bartenders unions, representing 53,000 workers, have been demanding higher wages, improved safety, and protections against job-threatening technology.

via Reuters|
#business#caesars-entertainment#labor-contract
Las Vegas Unions and Caesars Avoid Strike with Tentative Agreement
labor-relations2 years ago

Las Vegas Unions and Caesars Avoid Strike with Tentative Agreement

Unions representing hospitality workers in Las Vegas have reached a tentative agreement on a five-year contract with Caesars Entertainment, averting a strike that was set to begin on Friday. The Culinary Workers Union Local 226 and Bartenders Union Local 165, affiliates of Unite Here, did not disclose the details of the agreement, but stated that it covers 10,000 workers. Negotiations with MGM Resorts International and Wynn Resorts are still ongoing, as contracts for housekeepers, bartenders, cooks, and food servers at the three companies expired in September. The strike threat had posed a major risk to the city's economy.

via The New York Times|
#caesars-entertainment#hospitality-workers#labor-relations
Las Vegas Casinos Dodge Strike Threat with Tentative Deals
business2 years ago

Las Vegas Casinos Dodge Strike Threat with Tentative Deals

A tentative labor deal has been reached between the Culinary union and Caesars Entertainment to avert a potential strike at its nine casinos along the Las Vegas Strip, covering 10,000 union members. However, nine other casinos still face possible walkouts. The details of the agreement are not yet available, but it will be presented to rank-and-file members for a ratification vote. Negotiations with other casino operators are scheduled, and if a deal is not reached by Friday morning, a strike by 25,000 workers would be the largest in the US hospitality industry's history.

via CNN|
#business#caesars-entertainment#culinary-union
Las Vegas Workers Rally Against MGM and Caesars Casinos
labor-relations2 years ago

Las Vegas Workers Rally Against MGM and Caesars Casinos

Thousands of Las Vegas workers, represented by the Culinary Workers and Bartenders Unions, are set to picket MGM Resorts and Caesars Entertainment casinos on Thursday, marking the first such action in nearly two decades. The unions are seeking a new five-year contract with improved wages and benefits, as casino operators report record profits. Negotiations have been slow, with the unions expressing disappointment over the lack of substantive wage proposals from the companies. The unions are demanding higher wages, better job protections, lower housekeeping quotas, and improved safety measures. The unions have asked casino customers not to cross picket lines, and a citywide strike has been authorized by 95% of union members.

via Reuters|
#caesars-entertainment#casino-workers#labor-relations
The Unrelenting Threat of Cyberattacks: MGM and Caesars Fall Victim
cybersecurity2 years ago

The Unrelenting Threat of Cyberattacks: MGM and Caesars Fall Victim

Recent hacks targeting Caesars Entertainment and MGM casinos were likely carried out by a group of teenagers and young adults who have formed an alliance with a notorious ransomware gang known as Scattered Spider. The group, referred to as Star Fraud, consists of a few dozen hackers who have connected online and are part of a larger association called the Com. These hackers have been active for the past two years, targeting large companies through stolen employee credentials and tricks such as convincing tech support employees to provide new passwords. They have now escalated their attacks by deploying crippling ransomware and partnering with ALPHV, a hacking group affiliated with Russian gangs responsible for the Colonial Pipeline hack. The FBI is actively pursuing these criminals and their affiliates.

via The Washington Post|
#caesars-entertainment#cybersecurity#mgm
MGM Resorts: Hotels and Casinos Fully Operational Again
cybersecurity2 years ago

MGM Resorts: Hotels and Casinos Fully Operational Again

MGM Resorts has announced that all its hotels and casinos are now fully operational, nine days after a cyberattack caused system shutdowns across the company. The ALPHV ransomware group claimed responsibility for the attack, while another group called Scattered Spider took credit for a similar attack on competitor Caesars Entertainment. Both attacks originated through identity management vendor Okta, which confirmed that hackers were able to exploit its technology as an access point. The extent of the damage and any potential data leaks remain unclear.

via Engadget|
#caesars-entertainment#cyberattack#cybersecurity