At least if you lose money betting in Las Vegas you probably had fun and knew the odds were against you. But betting on Las Vegas as a business has been a joyless and financially draining experience for stock-market investors. Casinos belong with owners who embrace risk and don’t worry about taking on large debts. Small wonder deal activity is facilitating a transition to the private market.
Tilman Fertitta, the leisure billionaire serving as US ambassador to Italy, agreed to buy Caesars Entertainment Inc. at the end of May, seeing off reported interest from activist investor Carl Icahn. Days later, media mogul Barry Diller proposed taking control of peer MGM Resorts International.
