Create a new document and type out some text with the Text tool (T). I used Clarendon Bold at 48 pt. Take off any stroke and fill on the text.
With the text still selected, choose Add New Fill from the pop-up menu of the Appearance panel. Fill the new fill with a reddish orange color. In the Appearance panel, press the drop-down arrow for the new fill to reveal its attributes. Press the Opacity link and change the Blending Mode to Multiply.
Create another new fill in the Appearance panel, select the bottom fill item, and fill it with a light yellow color. With the light yellow fill item selected in the Appearance panel, go Effect > Distort & Transform > Transform. In the Transform dialog, change the Horizontal Move to -2 px and the Vertical Move to 2 px.
Create another new fill, select the bottom fill item, and fill it with a light aqua color. With the aqua color fill item selected, go Effects > Convert to Shape > Rectangle. In the Rectangle dialog, select the Relative radial button, change the Extra Width value to 30 px and the Extra Height to 8 px. With the aqua fill item still selected, go Effects > Warp > Squeeze. In the Warp Options dialog, select the Horizontal radial button and change the Bend to 23.
With the aqua item selected, press the Duplicate Selected Item button at the bottom of the Appearance panel. In the Appearance panel drag one of the aqua copies above the first reddish fill item. Change the fill of the top item to a light gray. With the item still selected, go Effects > Texture > Grain. In the Grain dialog, change the Intensity to 78, the Contrast to 50, and the Grain Type to Sprinkles. Change the Blending Mode of the gray fill to Multiply and change the Opacity to 38.