While the deal is valued at $17.6 billion, Fertitta Entertainment has also agreed to assume roughly $11.9 billion in Caesars’ outstanding debt, according to a news release from the Nevada-based company, which announced the acquisition on Thursday.\u00a0<\/p>\n
“The combination of Caesars and Fertitta Entertainment brings together two iconic and highly complementary platforms to create a dynamic suite of gaming, entertainment, and restaurant brands,” according to the release. “The combined company will offer guests an even broader array of destinations and experiences, all connected by the Caesars Rewards loyalty network.”\u00a0<\/p>\n
Fertitta had reportedly approached Caesars in 2018 about a merger with his gaming empire, according to Reuters. Caesars Entertainment merged with Eldorado Resorts in 2020, creating one of the largest casino entertainment companies in the U.S.\u00a0<\/p>\n
Caesars Entertainment owns a wide range of casino and resort properties across the nation. With the merger, Feritta Entertainment will now oversee 60 casino resorts and gaming properties, iCasino and Poker through Caesars’ online platform, and retail sports betting at more than 200 third-party locations through the William Hill brand.\u00a0<\/p>\n
The acquisition adds to the Houston billionaire’s already sprawling portfolio, which includes Golden Nugget Hotel and Casinos, the Houston Rockets, a major stake in DraftKings, Forbes Five-Star luxury hotel properties, beachfront resorts, mixed-use complexes and more than 450 full-service restaurants worldwide. Fertitta has an estimated $13.1 billion net worth, according to Bloomberg’s Billionaire Index.<\/a>\u00a0<\/p>\n As part of Thursday’s agreement, a “go-shop” period will remain in place through July 11, allowing Caesars Entertainment and its financial and legal advisors to solicit, consider and negotiate alternative acquisition proposals from other potential buyers.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"While the deal is valued at $17.6 billion, Fertitta Entertainment has also agreed to assume roughly $11.9 billion…\n","protected":false},"author":2,"featured_media":312484,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[104981,1704,56,58,57],"class_list":["post-312483","post","type-post","status-publish","format-standard","has-post-thumbnail","category-houston","tag-chronews","tag-chronstaff","tag-houston","tag-houston-headlines","tag-houston-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/312483","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/comments?post=312483"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/312483\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media\/312484"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media?parent=312483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/categories?post=312483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/tags?post=312483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}