Fertitta executives share details on Caesars deal during licensure hearing

Two longtime Fertitta Entertainment Inc. executives moved one step closer to becoming licensed company directors Wednesday after the Nevada Gaming Control Board unanimously recommended their suitability as the company pursues its acquisition of Caesars Entertainment Inc.

Steven Scheinthal and Richard Liem formed part of Fertitta Entertainment’s three-member board after owner Tilman Fertitta stepped down as president and director following his April 2025 confirmation as U.S. ambassador to Italy and San Marino. The board’s third director, Paige Fertitta, Tillman’s wife and company president, received Nevada gaming approval last year.

Scheinthal’s and Liem’s applications now advance to the Nevada Gaming Commission for final consideration later this month.

Houston-based Fertitta Entertainment announced in May that it had reached a deal to acquire Caesars Entertainment for $17.6 billion, a transaction that would take the Reno-based casino operator private and create one of the nation’s largest gaming companies if approved by regulators and shareholders. Caesars operates eight casinos on the Las Vegas Strip, three in Reno, and two in both Laughlin and Stateline.

During Wednesday’s hearing, Scheinthal, Fertitta Entertainment’s executive vice president, general counsel and secretary, outlined the regulatory and financing steps still required before the deal can close, describing the transaction as one of the largest in the company’s history.

He told the board that Fertitta Entertainment expects to file its Hart-Scott-Rodino antitrust notification with the federal government on July 13. The company is also seeking gaming approvals in every jurisdiction where Caesars operates, a process he estimated could take nine to 10 months.

In addition, Caesars must secure shareholder approval after the U.S. Securities and Exchange Commission reviews its proxy materials, and Fertitta Entertainment must finalize financing for the transaction.

The company has secured a commitment letter from a syndicate of banks but hopes to raise the debt in the public markets under more favorable conditions before relying on the bank commitments.

“We have to get HSR clearance, shareholder approval, approval for all the various gaming jurisdictions,” Scheinthal told the board. “Then we’ll be in a position to close the transaction.”

Scheinthal said Fertitta Entertainment has already begun filing licensing applications in several jurisdictions and plans to complete the remaining filings within the contractual deadlines.

Fertitta Entertainment entered Nevada gaming in 2005 with its acquisition of the Golden Nugget Las Vegas and later expanded the brand through additional casino acquisitions in Nevada and other states.

Scheinthal has advised Tilman Fertitta since 1988 and joined the company in 1992. Liem, the company’s chief financial officer, joined in 1999. Both were previously licensed by Nevada regulators, including during Fertitta Entertainment’s 2023 acquisition of Golden Nugget Lake Tahoe.

Board Chairman Mike Dreitzer praised Scheinthal’s longstanding commitment to regulatory compliance, while board member George Assad called both executives “eminently qualified.”

Liem also offered a cautious assessment of downtown Las Vegas, where Fertitta Entertainment owns the Golden Nugget.

“I think downtown Vegas is a little challenged today,” Liem said, citing softer international travel and broader economic conditions, though he said he remains optimistic about the property’s long-term performance.