Fertitta Entertainment executives Richard Liem and Steven Scheinthal received preliminary licensing approval from the Nevada Gaming Control Board on Wednesday. The approvals mark a procedural step in the ongoing $17.6 billion acquisition of Caesars Entertainment, with final commission consideration scheduled for July 23.
Liem and Scheinthal have been licensed in the Nevada gaming market since 2005. They currently manage Fertitta Entertainment operations alongside Paige Fertitta while billionaire Tilman Fertitta serves as the US ambassador to Italy and San Marino. The board unanimously approved the preliminary licenses, noting the executives' long-standing association with the company.
Transaction Hurdles and Timeline
The all-cash transaction totals $17.6 billion, comprising $5.7 billion in equity and $11.9 billion in assumed debt. Scheinthal indicated the closing process will likely exceed one year. The company plans to file a Hart-Scott-Rodino antitrust application with the Federal Trade Commission by July 13, initiating a mandatory 30-day waiting period.
Gaming license approvals across all Caesars jurisdictions remain a primary priority. The company has segmented license applications into two groups, with the first round completing this week. Scheinthal estimated a nine to ten-month duration for full regulatory approval.
During the board meeting, attention also focused on compliance, specifically regarding Caesars' recent $7.8 million fine for anti-money laundering violations involving bookmaker Mathew Bowyer. Scheinthal affirmed that Fertitta and Golden Nugget Casinos have maintained a clean integrity record.
The acquisition agreement was originally announced in May. Caesars Entertainment remains a public company and must file a proxy statement for shareholder approval alongside the regulatory processes.