Billionaire hospitality mogul Tilman Fertitta is acquiring Caesars Entertainment for almost $6 billion, a merger that would create one of the largest gaming empires.
Caesars became an iconic name after the opening of Caesar’s Palace on the Las Vegas Strip in 1966. But its roots date back to the 1930s in Reno, Nevada. It operates nine hotels on the Strip and owns properties in over a dozen states.
Fertitta is the CEO of Fertitta Entertainment, a company that owns Las Vegas’ Golden Nugget and chains like Rainforest Cafe and Morton’s. Fertitta also owns the NBA team Houston Rockets, and he is the largest shareholder in Wynn Resorts as well as in DraftKings, the sports betting company. Fertitta is also a major GOP mega donor and US ambassador to Italy.
Fertitta Entertainment will pay $5.7 billion and take on close to $12 billion in debt from Caesars, putting the total value of the deal at about $17.6 billion.
As part of the agreement, Caesars can seek competing bids through July 11.
