Tillman buying Caesar's Entertainment

2,136 Views | 29 Replies | Last: 1 day ago by txags92
Texaggie7nine
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https://www.khou.com/article/news/local/tilman-fertitta-caesars-deal/285-e92f5fbc-a16f-4923-9741-104063385672


Quote:

HOUSTON Houston billionaire Tilman Fertitta's company is making a major move in the casino and hospitality industry, announcing a deal to acquire Caesars Entertainment in a transaction valued at approximately $17.6 billion.
Fertitta Entertainment announced Thursday that it has entered into a definitive agreement to acquire Caesars Entertainment in an all-cash deal that also includes the assumption of about $11.9 billion in Caesars' outstanding debt.



The proposed acquisition would combine two major names in hospitality, gaming and dining.
Caesars operates several major Las Vegas Strip properties, including Caesars Palace, Harrah's, Paris Las Vegas, Planet Hollywood, Horseshoe, The LINQ Hotel, Flamingo and The Cromwell.




Does this mean the Astrodome will be the new Caesars casino?
7nine
Milwaukees Best Light
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AG
Just saw that article. That is huge. Maybe we get a ferris wheel in Vegas.
cajunaggie08
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AG
For you sports betting junkies, that means the Rockets games will not be on the Caesars betting app/site.
Texaggie7nine
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It's interesting to me, because of all the financial articles I've been reading on Vegas as of late and how incredibly in debt MGM and Caesars is in Vegas with basically owning the whole strip between the two of them and tourism numbers for Vegas declining over the past couple years. It looked like they were both headed to a place where their revenue would barely cover their interest payments on the debt.

I get why Caesars is happy to sell, but can Fertitta turn all that around?
7nine
cajunaggie08
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AG
In the case of the Caesars Vegas properties, Caesars doesn't even own the land and buildings anymore. A spinoff company from a previous bankruptcy named Vici owns almost all of the properties Caesars runs and Caesars is forced to pay rent to use the properties. I don't like most of his restaurants and have never visited a Fertitta casino or hotel, but he does have a decent track record of turning around failing brands.
drumboy
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Milwaukees Best Light said:

Just saw that article. That is huge. Maybe we get a ferris wheel in Vegas.

There's already one, the High Roller at the Linq
Milwaukees Best Light
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AG
Forgot about that. I saw some fools that got in the all you can drink car just get rolled out. They damn sure tried to get their moneys worth.
Gaeilge
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cajunaggie08 said:

For you sports betting junkies, that means the Rockets games will not be on the Caesars betting app/site.

Not sure if this will be entirely accurate in the long term. I believe Tilman has an agreement with DraftKings for running Golden Nugget sportsbooks that the NBA signed off on, and I'd imagine Vegas will allow a similar setup.
drumboy
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Gaeilge said:

cajunaggie08 said:

For you sports betting junkies, that means the Rockets games will not be on the Caesars betting app/site.

Not sure if this will be entirely accurate in the long term. I believe Tilman has an agreement with DraftKings for running Golden Nugget sportsbooks that the NBA signed off on, and I'd imagine Vegas will allow a similar setup.

The Palms initially couldn't take any NBA bets cause they owners also owned the Sacramento Kings, but I think they worked it out w/ the NBA at some point.
Kenneth_2003
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Plenty of interesting videos on YouTube regarding the general downfall of Vegas.

Most of it centers around extra costs hitting the average tourist/visitor at every turn. The cheap buffets are all gone and high end high dollar restaurants, no more free parking at hotels (lots of California folks drive to Vegas), sure the hotel room is "cheap" but they forever slap resort fees and so forth that raise daily total significantly.
Mega Lops
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When it was announced awhile back that he was close to a deal for Caesar's I was kinda surprised.

Vegas is like Aggie football in that is leaves you Effed in the A, keeps getting more expensive and people are STILL lining up to receive the A Effing.

Different strokes for different folks and all that, but dang it seems like there are better ways to light money on fire.
Panama Red
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If you want to blow your money on receiving A Effing, to each his own.

I'll stick to Vegas. As outrageous as the pricing has become, still never disappoints.

Hope he can opens a Bubba Gump at Caesars. Vegas needs a good fresh seafood spot.
aTm2004
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cajunaggie08 said:

In the case of the Caesars Vegas properties, Caesars doesn't even own the land and buildings anymore. A spinoff company from a previous bankruptcy named Vici owns almost all of the properties Caesars runs and Caesars is forced to pay rent to use the properties. I don't like most of his restaurants and have never visited a Fertitta casino or hotel, but he does have a decent track record of turning around failing brands.

The wife and I went with a couple of friends to the Golden Nugget in LC last summer for a weekend getaway from kids and had a good time. I'm not a big gambler, but the casino was cool and the rooms were excellent. Pricing wasn't much different than staying in Houston and doing something local. Just wish I could take my own alcohol to the pool. Vegas numbers must be down, but both casinos/hotels in LC were packed.
SJEAg
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AG
So he now owns Caesars. He is also the largest minority shareholder of Wynn (like 25%). And he owns prime real estate on the Strip (the lot across Aria), where the plan was to build a 5 star luxury resort. And the Golden Nugget of course, which is the largest property downtown. Curious how the regulatory folks see all this and just what his long term strategy is.

But no doubt if anyone can turn a property around - he can. He proved that with GN, that resort and brand was in shambles when he took over.
AgLA06
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Gaeilge said:

cajunaggie08 said:

For you sports betting junkies, that means the Rockets games will not be on the Caesars betting app/site.

Not sure if this will be entirely accurate in the long term. I believe Tilman has an agreement with DraftKings for running Golden Nugget sportsbooks that the NBA signed off on, and I'd imagine Vegas will allow a similar setup.


He's been in Vegas for a long time now. This is irrelevant.
Mas89
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AG
No different from taking your own booze into the movie. Just have to be smart about it.
drumboy
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Vegas has gotten way too expensive on my last few trips through over the past year. I had an issue with the hotel when I tried to switch my room from one king to two queens three weeks before arriving and the price tripled so I just gambled showed up and slipped a 20 in between my drivers license and credit card when checking in and got upgraded for free. The same thing happened to me at the Paris and I ended up getting a nice suite.
Hardcore Greg
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aTm2004 said:

cajunaggie08 said:

In the case of the Caesars Vegas properties, Caesars doesn't even own the land and buildings anymore. A spinoff company from a previous bankruptcy named Vici owns almost all of the properties Caesars runs and Caesars is forced to pay rent to use the properties. I don't like most of his restaurants and have never visited a Fertitta casino or hotel, but he does have a decent track record of turning around failing brands.

The wife and I went with a couple of friends to the Golden Nugget in LC last summer for a weekend getaway from kids and had a good time. I'm not a big gambler, but the casino was cool and the rooms were excellent. Pricing wasn't much different than staying in Houston and doing something local. Just wish I could take my own alcohol to the pool. Vegas numbers must be down, but both casinos/hotels in LC were packed.


I love the golf course too. My bro and I like to go for a fri or sat afternoon golden hour round of golf and then freshen up and hit the tables and sportsbooks. Great time every time.

On the pool situation, can you take a yeti drink in? Do they prohibit small coolers?
idAg09
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Hardcore Greg said:

aTm2004 said:

cajunaggie08 said:

In the case of the Caesars Vegas properties, Caesars doesn't even own the land and buildings anymore. A spinoff company from a previous bankruptcy named Vici owns almost all of the properties Caesars runs and Caesars is forced to pay rent to use the properties. I don't like most of his restaurants and have never visited a Fertitta casino or hotel, but he does have a decent track record of turning around failing brands.

The wife and I went with a couple of friends to the Golden Nugget in LC last summer for a weekend getaway from kids and had a good time. I'm not a big gambler, but the casino was cool and the rooms were excellent. Pricing wasn't much different than staying in Houston and doing something local. Just wish I could take my own alcohol to the pool. Vegas numbers must be down, but both casinos/hotels in LC were packed.


I love the golf course too. My bro and I like to go for a fri or sat afternoon golden hour round of golf and then freshen up and hit the tables and sportsbooks. Great time every time.

On the pool situation, can you take a yeti drink in? Do they prohibit small coolers?


Nobody 'lets you' take anything in but yes you can sneak stuff in as there are no metal detectors. Definitely no coolers
P.H. Dexippus
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AG
Texaggie7nine said:


Does this mean the Astrodome will be the new Caesars casino?

SockDePot
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Milwaukees Best Light said:

Forgot about that. I saw some fools that got in the all you can drink car just get rolled out. They damn sure tried to get their moneys worth.


Here.
aTm2004
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Mas89 said:

No different from taking your own booze into the movie. Just have to be smart about it.

Yes, we found ways.
aTm2004
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Hardcore Greg said:

aTm2004 said:

cajunaggie08 said:

In the case of the Caesars Vegas properties, Caesars doesn't even own the land and buildings anymore. A spinoff company from a previous bankruptcy named Vici owns almost all of the properties Caesars runs and Caesars is forced to pay rent to use the properties. I don't like most of his restaurants and have never visited a Fertitta casino or hotel, but he does have a decent track record of turning around failing brands.

The wife and I went with a couple of friends to the Golden Nugget in LC last summer for a weekend getaway from kids and had a good time. I'm not a big gambler, but the casino was cool and the rooms were excellent. Pricing wasn't much different than staying in Houston and doing something local. Just wish I could take my own alcohol to the pool. Vegas numbers must be down, but both casinos/hotels in LC were packed.


I love the golf course too. My bro and I like to go for a fri or sat afternoon golden hour round of golf and then freshen up and hit the tables and sportsbooks. Great time every time.

On the pool situation, can you take a yeti drink in? Do they prohibit small coolers?

Can't take coolers in, but you can take bags in (they check them). They did let us take Yeti/Stanley type cups in but were being kind of TSAy on the questioning. The girls had a bladder in the bottom of a bleed bag, so ol boy checking the bag didn't look too deep in that one. We were also there during the middle of the week, so it may have been a little more lax than on a busy weekend.
kubiak03
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AG
I've been wondering the past couple of years during my work trips to Vegas when that city will pop. You get nickeled and dimed for everything now, food/drink is crazy expensive and there really are not any cheap tables anymore to gamble. They've moved those to the crappy computer craps machine with the stupid bubble which is not the same.

Texaggie7nine
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I prefer bubble craps because I like to bet the don't come/pass without getting dirty looks.
7nine
Ferris Wheel Allstar
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drumboy said:

Vegas has gotten way too expensive on my last few trips through over the past year. I had an issue with the hotel when I tried to switch my room from one king to two queens three weeks before arriving and the price tripled so I just gambled showed up and slipped a 20 in between my drivers license and credit card when checking in and got upgraded for free. The same thing happened to me at the Paris and I ended up getting a nice suite.

people still pay for rooms in vegas


lolpoor
txags92
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kubiak03 said:

I've been wondering the past couple of years during my work trips to Vegas when that city will pop. You get nickeled and dimed for everything now, food/drink is crazy expensive and there really are not any cheap tables anymore to gamble. They've moved those to the crappy computer craps machine with the stupid bubble which is not the same.



The draw used to be that everything was cheap but the gambling. They used everything else (food, drinks, entertainment, etc.) as a loss leader to get you into the place and made their money back on the gambling. Now that most folks going there know they aren't going to win more than they lose, they started going for the entertainment and cheap food and drink. So they had to raise all the prices to keep making money. At some point, it becomes cheaper to just stay home to eat, drink, and be entertained. Vegas is going to have to find a way to turn that equation around.
Texaggie7nine
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I've started getting emails from MGM offering "packages" where you get a room, shows and food all in one. They are certainly trying to get creative, but at the end of the day, when I priced it all out, it wasn't really saving much $.
7nine
cajunaggie08
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txags92 said:

kubiak03 said:

I've been wondering the past couple of years during my work trips to Vegas when that city will pop. You get nickeled and dimed for everything now, food/drink is crazy expensive and there really are not any cheap tables anymore to gamble. They've moved those to the crappy computer craps machine with the stupid bubble which is not the same.



The draw used to be that everything was cheap but the gambling. They used everything else (food, drinks, entertainment, etc.) as a loss leader to get you into the place and made their money back on the gambling. Now that most folks going there know they aren't going to win more than they lose, they started going for the entertainment and cheap food and drink. So they had to raise all the prices to keep making money. At some point, it becomes cheaper to just stay home to eat, drink, and be entertained. Vegas is going to have to find a way to turn that equation around.

And thats where I'll give credit to the sphere. It appears to be a destination venue that draws people to Vegas. It is a unique form of entertainment that can't be enjoyed from home. However, it still is a very expensive trip without accounting for the tickets for the show in the sphere so I'm still not going anytime soon, but it will take more unique experiences for Vegas to bounce back. Having gambling and a high end hotel isnt enough anymore as the mid and lower income consumers are now priced out from what used to be a cheap weekend getaway.
txags92
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cajunaggie08 said:

txags92 said:

kubiak03 said:

I've been wondering the past couple of years during my work trips to Vegas when that city will pop. You get nickeled and dimed for everything now, food/drink is crazy expensive and there really are not any cheap tables anymore to gamble. They've moved those to the crappy computer craps machine with the stupid bubble which is not the same.



The draw used to be that everything was cheap but the gambling. They used everything else (food, drinks, entertainment, etc.) as a loss leader to get you into the place and made their money back on the gambling. Now that most folks going there know they aren't going to win more than they lose, they started going for the entertainment and cheap food and drink. So they had to raise all the prices to keep making money. At some point, it becomes cheaper to just stay home to eat, drink, and be entertained. Vegas is going to have to find a way to turn that equation around.

And thats where I'll give credit to the sphere. It appears to be a destination venue that draws people to Vegas. It is a unique form of entertainment that can't be enjoyed from home. However, it still is a very expensive trip without accounting for the tickets for the show in the sphere so I'm still not going anytime soon, but it will take more unique experiences for Vegas to bounce back. Having gambling and a high end hotel isnt enough anymore as the mid and lower income consumers are now priced out from what used to be a cheap weekend getaway.

I can remember going to Reno in the early 80s with my dad and even though we were staying at the home of one of his business partners, we would go down to the casino to eat in their restaurants because they were so cheap. I want to say a huge corned beef sandwich, fries, a soft drink, and a dessert were like $3.65 or something ridiculous like that. Same thin in Houston at that time would have been $15 or so.

They lined up the area in front of the restaurant with slot machines set to hit more often than the rest of the machines to sucker you out there and you could play Keno from the table with a hot chick coming around to collect the cards and coming back to pay out. It was very cheap to do everything associated with the hotel because they wanted you out there on the floor gambling. That just isn't the play in Vegas anymore because a huge part of their target audience can't afford to go blow hundreds of dollars a night on the gambling floor.
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