Fertitta's $7B Caesars Bid Prices the OpCo at $34 a Share. The Debt Is the Real Conversation.
Tilman Fertitta's $7 billion offer for Caesars Entertainment implies a per-share premium that looks generous until you decompose the capital stack underneath it. With VICI Properties owning the dirt and Caesars carrying billions in post-merger debt, the question isn't what the bid values — it's what it deliberately sidesteps.