Caesars at $31 a Share Values 60 Casino Resorts at 7.8x EBITDA. Somebody's Getting a Discount.
Fertitta's $17.6 billion bid for Caesars implies a per-property valuation that should make every casino REIT investor pull out a calculator. The go-shop window closes July 11, and the math on a competing bid suggests the current price is the price.