Billions of dollars in debt and a new owner. The takeover of Caesars Entertainment has fuelled plenty of speculation in Sin City’s rumour mill.
Fertitta Entertainment is acquiring rival Caesars Entertainment for just $5.7 billion. However, given Caesars’ substantial debt, the deal will cost Fertitta around $17.6 billion. Shareholders have already approved the takeover, but it still requires regulatory approval.
With significant overlap between the two companies, Caesars Entertainment is expected to sell off some of its casinos. This would also help reduce its mountain of debt, at least to some extent.
According to the latest rumours circulating on social media, Planet Hollywood Las Vegas Resort & Casino and Flamingo Las Vegas Hotel & Casino could be up for sale. Flamingo will celebrate its 80th anniversary in six weeks.
The casino once had a legendary owner in Benjamin “Bugsy” Siegel. However, his tenure was short-lived, as he was murdered just a few months after the casino opened. In the 1970s, Hilton Hotels Corporation took over Flamingo. What began as a subsidiary eventually became part of Caesars Entertainment.
Planet Hollywood opened in August 2000 under the name Aladdin. It was acquired by Planet Hollywood International and Starwood Hotels in 2004. Since 2007, the casino on the Strip has operated under its current name.
Shareholders Approve the Billion‑Dollar Fusion between Caesars and Fertitta