Riches Of Midgard

What is Riches Of Midgard?

In July, Fertitta’s General Counsel Steven Scheinthal told the Nevada Gaming Control Board that the company had a letter of intent from banks to finance the transaction but was waiting for better borrowing conditions. Fertitta is assuming nearly $12 billion in Caesars’ debt and is committed to a $6.6 billion financing package.

“Our hope is that in the next few months there will be a window of opportunity where the market will be hotter and [it’s] a more interest rate friendly environment where we can go raise the money and then just put it in an escrow account,” Scheinthal said at the time.

That window Scheinthal had hoped for seems to be moving further away. Caesars’ proxy filing showed that even during negotiations in the spring, Fertitta refused to go above its $31-per-share offer “due to higher financing costs and increased macroeconomic risks”. From the end of 2025 to late April of this year, higher borrowing costs had resulted in “approximately $40 million per year in additional costs from when the process started”, the filing said.

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“We had various iterations of the drafts internally probably going back at least a decade, and just never made it to the finish line for various reasons,” he explained.

The board is hoping that the proposal drafts or more or less finalised, though there will likely be input from stakeholders during the comment period and at the hearing. One group that typically weighs in on such matters, the Association of Gaming Equipment Manufacturers, did not respond to a request for comment by Friday’s deadline for publication. Depending on the amount of feedback or potential objections from the Nevada Gaming Commission, the new standards could be adopted and published by year’s end.

Overall, it’s been a busy stretch for the board since the start of 2025. In that time the regulator has issued five multimillion-dollar anti-money laundering fines to entities on the Las Vegas Strip, an unprecedented run of sanctions for America’s gambling capital.

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MFS operated as a non-bank lender—often termed a “shadow bank”—that borrowed funds from institutional investors to finance property loans for its clients.

The company experienced rapid expansion prior to its collapse, with its loan book reaching approximately £2.4 billion ($3.2 billion) by the end of 2024. Its creditors included major international financial institutions and private equity firms.

In March, courts in London and Dubai imposed a worldwide freezing order on Raja’s assets up to £1.3 billion.