Caesars currently operates nine properties on the Las Vegas Strip and spans over a dozen states
Caesars Entertainment, which owns the iconic Las Vegas attraction Caesar’s Palace, is being acquired by billionaire hospitality mogul Tilman Fertitta for approximately $17.6 billion.
Fertitta is a GOP donor and the US ambassador to Italy. He owns the Houston Rockets NBA team and is the largest shareholder in Wynn Resorts and sports betting platform DraftKings.
Under the deal, which still requires shareholder approval, Fertitta Entertainment will pay $5.7 billion in cash and assume roughly $12 billion in Caesars’ debt.
Founded in the 1930s and best known for opening Caesars Palace in 1966, Caesars currently operates nine properties on the Las Vegas Strip and spans over a dozen states.
The merger will create a massive gaming empire, with the combined company operating 60 casino resorts, more than 200 William Hill retail sports betting locations, and over 600 Fertitta entertainment and restaurant outlets.
Caesars also retains the right to seek competing bids through July 11.