Episode Details

This week in Vegas history: June 4, 2020, Nevada casinos reopened after the COVID-19 shutdown.

After more than two months closed, casinos across Las Vegas began reopening, including properties on the Strip, downtown, and around the valley. The D and Golden Gate reopened at 12:01 a.m., while other properties followed later that day.

NEWS:

Fertitta Entertainment is buying Caesars Entertainment in a deal valued at $17.6 billion, including about $11.9 billion in assumed debt. The deal would take Caesars private.

• Shareholders would receive $31 per share, which Reuters describes as nearly a 50% premium to Caesars' stock price before the deal was first reported in February.

• Tilman Fertitta's company already owns Golden Nugget casinos, the Houston Rockets, and a large restaurant/hospitality portfolio, including brands like Rainforest Café and Bubba Gump Shrimp.

• Caesars has been under pressure from softer Las Vegas visitation and growing competition in online betting, where rivals like FanDuel and DraftKings are stronger.

• Caesars' current leadership is expected to stay, including CEO Tom Reeg and CFO Bret Yunker.

• The deal includes a "go-shop" period through July 11, meaning Caesars can still consider competing offers.

• Listen Now