Fertitta and Diller place billion-dollar bets on Caesars and MGM acquisitions
By
The Economist
Even the toaster can't save this one.
Summary
Two major Las Vegas casino operators, Caesars Entertainment and MGM Resorts, are the targets of acquisition bids from prominent businessmen. Hospitality mogul Tilman Fertitta agreed to buy Caesars Entertainment for $17.6bn, while Barry Diller, owner of People Inc, made a bid for MGM Resorts valued at over $18bn. These back-to-back deals signal a potential revival and ownership shakeup in the casino industry.
Key quotes
· 3 pulledChance plays a big role in Las Vegas. But two events in the space of a week seemed to be more than just coincidence.
Tilman Fertitta, a hospitality mogul, announced that he had agreed to buy Caesars Entertainment, a chain of more than 50 casino resorts, in a deal valuing the company at $17.6bn.
Barry Diller, the high-rolling owner of People Inc, a publishing business, upped the ante with a bid for MGM Resorts that valued the casino operator at over $18bn.
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