Hospitality billionaire Tilman Fertitta buys Caesars Entertainment for nearly $6 billion
Tilman Fertitta is acquiring Caesars Entertainment for nearly $6 billion, creating a significant gaming empire. The deal includes taking on approximately $12 billion in debt, bringing the total value to about $17.6 billion. Caesars shareholders will receive $31 per share, reflecting a 49% premium over the pre-merger speculation price.
- ▪Fertitta's acquisition will create one of the largest gaming empires with 60 casino resorts and over 600 entertainment outlets.
- ▪The deal must be approved by Caesars' shareholders and allows for competing bids until July 11.
- ▪Caesars shares have risen nearly 15% since merger rumors began, indicating investor optimism.
Opening excerpt (first ~120 words) tap to expand
Billionaire hospitality mogul Tilman Fertitta is acquiring Caesars Entertainment for almost $6 billion, a merger that would create one of the largest gaming empires.Recommended Video 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.
…
Excerpt limited to ~120 words for fair-use compliance. The full article is at Fortune.
Discussion
0 commentsMore from Fortune
