Executives with Fertitta Entertainment told Nevada regulators that their casino operations will integrate into Caesars Entertainment\u2019s framework as they prepare to take the casino giant private in the spring 2027.<\/p>\n
Fertitta\u2019s General Counsel and Executive Vice President Steven Scheinthal and CFO Richard Liem appeared before the Nevada Gaming Commission Thursday, where they outlined how the two companies will merge operations.<\/p>\n
In late May, Caesars entered into an agreement to be acquired by Tilman Fertitta and his company in an all-cash transaction valued at $17.6 billion.<\/p>\n
Scheinthal and Liem appeared before the Commission to be licensed<\/a> as members of the Fertitta Board of Directors, a licensing process unrelated to the Caesars acquisition. The two, along with Fertitta\u2019s ex-wife Paige, became board members a year ago when Fertitta stepped down from the company to become ambassador to Italy and San Remo.<\/p>\n Fertitta executives will be back before the Gaming Control Board and Gaming Commission in 2027 to sign off on the transaction. The deal must first be reviewed by the Federal Trade Commission and Department of Justice as part of an anti-competition review.<\/p>\n Fertitta Entertainment has seven casinos, three in Nevada. The others are in Colorado, Louisiana, Mississippi, and New Jersey.<\/p>\n With the takeover, the existing Caesars Board of Directors will be replaced by a Board of Managers of Fertitta executives, including Paige Fertitta, Liem, Scheinthal, and Dash Kohlhausen, Fertitta\u2019s deputy general counsel.<\/p>\n Nevada-based gaming counsel, Sonia Vermeys of Brownstein Hyatt Farber Schreck, told regulators the existing Caesars executive and management team will run day-to-day operations in Nevada and in other jurisdictions and will have the same responsibilities and obligations as they have today.<\/p>\n \u201cCaesars\u2019s management team isn\u2019t going anywhere,\u201d Liem said. \u201cWe\u2019ll be complementary to maximize the revenue opportunities of the two businesses.\u201d<\/p>\n The focus is on the long-term growth of the company, not the instant gratification that is part of the Wall Street mindset, Liem said. The significant revenue opportunities include incorporating Fertitta\u2019s casinos and restaurants into the Caesars Rewards program. \u201cWe\u2019ll spend significant time with the Caesars management team to figure out the right way to (merge the systems).\u201d Schienthal said that the gaming management will be homogenous at the new company, though the restaurant business will be separate.<\/p>\n \u201cThey\u2019re much bigger than we are and it\u2019s probably easier for us to capitulate and adopt what they do versus changing what they do,\u201d Schienthal said. \u201cThere are way too many employees. Whenever we\u2019ve done an acquisition, one of the secret sauces is that you never take anything away from an employee. Any benefit they have, they get to keep, and we make sure that is in place.\u201d<\/p>\n Scheinthal said the company has a good relationship with the Culinary Union and told the Commission he received a call from Ted Pappageorge, the union\u2019s secretary-treasurer, who said he was glad Fertitta Entertainment was the acquirer of Caesars.<\/p>\n Similarly, compliance is much easier to integrate into the Caesars system, Schienthal said. Fertitta\u2019s casinos have never had anti-money-laundering issues with any of its properties, adding that their general managers are well trained and their casinos, while taking substantial play, don\u2019t take the type of play that would trigger a problem.<\/p>\n \u201cCaesars has had some issues in the past (with anti-money laundering and fines), but it\u2019s in the past and they put together a tremendous department,\u201d Schienthal said. \u201cIt\u2019s easier to integrate with their system than for them to integrate with ours.\u201d<\/p>\n
Liem said.<\/p>\n
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