Yet, thanks to those high-spending guests who still showed up in Sin City, Caesars generated $3.6bn in ebitda last year. That offers a tantalising trade. Caesars already has about $25bn in net debt, but even after servicing that, paying hefty rent and making capital investments, it still generates about $1bn of free cash flow. And that’s before factoring in any potential cost savings that an acquirer might rustle up.