The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

By Jonathan Guilford

NEW YORK, May 28 (Reuters Breakingviews) - Entertainment mogul Tilman Fertitta agreed to buy the Las Vegas casino empire for $18 bln, roughly what Eldorado paid in 2019. The pandemic, higher interest rates and mobile apps have taken their toll. Hefty lease debt is a gamble, but loyalty programs offer a bigger jackpot.

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Caesars Entertainment said on May 28 that it had agreed to be acquired by Fertitta Entertainment in an all-cash deal that values it at $17.6 billion, including about $11.9 billion of the casino operator's outstanding debt.

PJT Partners is advising Caesars while Morgan Stanley and Goldman Sachs are advising Fertitta.