Fertitta Entertainment is expected to acquire Caesars Entertainment for $5.7 billion. The transaction would include approximately $11.9 billion of Caesars’ outstanding debt, for a total deal value of $17.6 billion.
Caesars Entertainment’s board of directors has already approved the transaction, according to a company news release, and Caesars shareholders should receive $31 in cash for each outstanding Caesars share. Once the deal is completed, shares of Caesars Entertainment common stock will no longer be listed on NASDAQ.
“The Board, after detailed consideration with the assistance of its outside financial and legal advisors, determined that the immediate cash premium offered by this transaction is compelling for Caesars shareholders, and its approval of this transaction underscores its commitment to drive and deliver value for shareholders,” the release said.
The executives at Caesars — including CEO Tom Reeg, Chief Financial Officer Bret Yunker, President and Chief Operating Officer Anthony Carano and others — are expected to remain in their roles to continue to lead operations at the combined company.
Houston-based Fertitta Entertainment Inc. is Texas billionaire Tilman Fertitta’s holding company for assets including casino hotel concept Golden Nugget, restaurant company Landry’s and other investments, including the NBA’s Houston Rockets.
Over recent years, the casino hotel space has seen a handful of transactions. In 2022, Vici Properties entered into a deal to become the full owner of the MGM Grand Las Vegas and Mandalay Bay Resort and Casino real estate, acquiring the remaining interest in the properties from Blackstone Real Estate Income Trust. Blackstone also offloaded The Cosmopolitan in Las Vegas in a $4 billion deal in 2022.
In the years immediately following the pandemic, Las Vegas Sands Corp. sold off its Las Vegas assets in order to focus on growth in the Asian markets, CoStar News reported at the time.
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‘ Some details of this article were extracted from the following source www.costar.com ’
