Fertitta to Buy Caesars Entertainment for $17.6 Billion
Hospitality billionaire Tilman Fertitta has reached an agreement to take Caesars Entertainment private for $31 per share. The transaction includes $11.9 billion in assumed debt and aims to expand Fertitta's leisure empire by adding over 50 North American casino properties to his portfolio.
Tilman Fertitta will acquire Caesars Entertainment for $17.6 billion to expand his global hospitality and gaming portfolio. The deal includes $11.9 billion in assumed debt and offers a 50% premium over the stock's February closing price. This acquisition takes a major Las Vegas Strip operator private as it struggles with declining foot traffic and online competition.
Fertitta Entertainment offered $31 per share for the casino operator on May 28. The buyer is owned by Tilman Fertitta, who serves as United States ambassador to Italy and San Marino. Fertitta previously approached Caesars in 2018 about a merger.
