Caesars Entertainment shares surged 19% after the Financial Times reported that the casino operator is weighing takeover interest from multiple bidders. But behind the $5 billion equity rally sits a far larger reality: roughly $11 billion in net debt and more than $1.2 billion in annual lease obligations that could complicate any deal.
Financial Times sources said Texas billionaire Tilman Fertitta — the U.S. ambassador to Italy —has submitted a bid. Caesars’ management has also put a buyout proposal on the table.
Talks are ongoing and could collapse at any time, according to the report. The report also highlighted the difficulty of financing such a deal, noting it would likely require significant backing from Wall…