Tilman Fertitta to Acquire Caesars Entertainment in $6-B Deal

Billionaire hospitality mogul Tilman Fertitta is acquiring Caesars Entertainment for nearly $6 billion, in a deal that would create one of the largest gaming empires, Jessica Hill reported for The Associated Press (AP).

Caesars Palace in Las Vegas, a landmark casino resort involved in a major multibillion-dollar acquisition deal. (Photo: Caesar's Entertainment)

Caesars, an iconic name in U.S. gaming, traces its modern identity to the opening of Caesars Palace on the Las Vegas Strip in 1966, though its roots date back to the 1930s in Reno, Nevada.

The company operates multiple hotel-casinos across the Strip and properties in more than a dozen states.

Fertitta, CEO of Fertitta Entertainment, owns the Golden Nugget casino chain and restaurant brands including Morton’s and Rainforest Cafe. He also owns the NBA’s Houston Rockets and has investments in Wynn Resorts and DraftKings.

Under the agreement, Fertitta will pay about $5.7 billion in cash and assume nearly $12 billion in debt, bringing the total deal value to roughly $17.6 billion.

Caesars shareholders would receive $31 per share, representing a significant premium over prior trading levels. The deal remains subject to shareholder approval and competing bids.