May. 14 at 8:38 PM
Tilman Fertitta is reportedly moving closer to acquiring Caesars Entertainment after several major banks agreed to support the deal with a multibillion-dollar debt financing package.
According to the Financial Times, Morgan Stanley is among the lenders helping assemble roughly
$5 billion in financing to back the potential takeover. The funding would support Fertitta — the U.S. ambassador to Italy and owner of a vast hospitality and gaming empire — in pursuing one of the most recognizable casino operators in Las Vegas.
Caesars currently carries a market capitalization of about
$5.4 billion and roughly
$25 billion in debt, bringing its enterprise value above
$30 billion. Due to the size of the transaction, the financing is expected to be syndicated across multiple banks.
While discussions are progressing, the report noted that a final agreement remains weeks away and several significant hurdles still need to be resolved before a deal can move forward.
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