E-2: Return of the Confusing Boner

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.
• If completed, the acquisition would give Fertitta a much larger casino footprint: Caesars controls more than 50 casinos across North America, including Caesars Palace, Harrah’s, and Eldorado, plus retail and online sports betting.
• The article notes the deal could face regulatory scrutiny because of the size and scope of the combined gaming/hospitality business.

Vital Vegas reports that a private grand opening party for the newly rebranded Vanderpump Hotel will be held on June 11.

 

The Heart Attack Grill closed abruptly on May 18.

• The property posted a passive aggressive rant on their door, stating that the closure was due to casinos pricing out average Americans.

 

EDC goes to two weekends next year

• The plan was billed as a way to reduce crowds by spreading them out over two weekends, lol
• The first of those weekends, “EDC Dusk,” will roll out from May 14-16. The second, “EDC Dawn,” is set for May 21-23, while the full “Dusk Till Dawn Experience” will party from May 13-24. 

 

Johnny Kats is reporting that a new magic-based show “Now You See Me Live” will be moving into the David Copperfield theater at MGM Grand.

 

Soul Belly BBQ, has opened a new location in the Miracle Mile shops.

 

New Mirage bar at MGM Grand pool. A user on reddit posted photos of signs at the MGM Grand pool area, directing patrons to a new “Mirage Bar,” complete with the former strip property’s iconic palm trees logo. A look at the pool complex map on the MGM Grand website confirms the change.

• The site was formerly called the “Splash Bar” and is located between the “Splash Pool” and “Reserve Pool.”
• MGM Resorts has retained the rights to the Mirage name after selling the Mirage resort site to Hard Rock International.

 

Tailgate Social, Mandal