Four years ago, Houston billionaire Tilman Fertitta gained a big foothold on the Las Vegas Strip with a high-priced real estate purchase.
He then acquired shares in Wynn Resorts and became its largest stockholder. And now, with a blockbuster deal unveiled Thursday, he is catapulting toward the top of Las Vegas’ famed casino corridor.
His conglomerate Fertitta Entertainment reached a deal to acquire casino giant Caesars Entertainment for $5.7 billion plus the assumption of nearly $12 billion in debt, putting the total transaction value at $17.6 billion.
In their news releases Thursday, neither company said when the deal is expected to close.
The transaction could face heavy regulatory scrutiny, given Fertitta’s existing ownership in two separate casino operators: Wynn and the Golden Nugget chain. Plus, his deal with Caesars includes a “go-shop” period through July 11 that lets the seller consider other proposals.
But if Fertitta — currently the U.S. ambassador to Italy — buys out Caesars, he would become one of the biggest players on the Strip.
Caesars is the second-largest casino operator on the Strip with eight properties, including Caesars Palace, Harrah’s, Horseshoe Las Vegas, Paris Las Vegas, Planet Hollywood and the Flamingo.
Plus, Wynn owns two luxury towers on the Strip: Wynn Las Vegas and Encore.
By comparison, rival MGM Resorts International is the biggest casino operator on Las Vegas Boulevard. It boasts nine resorts along the Strip — a list that includes, but does not count separately, such non-gaming towers as Vdara and W Las Vegas.
This is a developing story. Check back for updates.
Contact Eli Segall at [email protected] or 702-383-0342.
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source www.reviewjournal.com ’
