Caesars Entertainment is being acquired for almost $6 billion by Fertitta, the company that owns Las Vegas’ Golden Nugget and chains like Rainforest Cafe and Morton’s. Fertitta Entertainment will pay $5.7 billion and take on close to $12 billion in debt from Caesars, according to the announcement, which puts the total value of the deal at about $17.6 billion. As part of the agreement, Caesars can seek competing bids through July 11.
Caesars Entertainment Chief Executive Officer, Tom Reeg; Chief Financial Officer, Bret Yunker; President and Chief Operating Officer, Anthony Carano; as well as other members of the corporate management team and property-level management and personnel are expected to remain in their roles and continue to lead the Caesars Entertainment operations at the combined company, according to a release from Caesars.
Caesars became an iconic name after the opening of Caesars Palace on the Las Vegas Strip in 1966, with roots dating back to the 1930s in Reno, Nevada.
Caesars investors will get $31 in cash for each share they own, a 49% premium over the share price before chatter about a possible tie-up between the two entertainment companies began in February.
Shares of Caesars Entertainment Inc., which trades as CZR on the NASDAQ, were up 1.2% during early trading on Thursday. Shares are up 15% since merger rumors emerged.
Caesars Entertainment concert venue properties include the flagship Colosseum Theater at Caesars Palace, which has extended residency dates with performers including Rod Stewart, Jerry Seinfeld, Kelly Clarkson, Nikki Glaser, Josh Groban and others into the end of 2026.
Fertitta Entertainment’s holdings include all of principals Tilman Fertitta and Paige Fertitta’s holdings and equity in Fertitta Entertainment, LLC, Golden Nugget, LLC and Landry’s, LLC, hotels, real estate, and other investments, including the NBA’s Houston Rockets. Based in Houston, the company’s gaming division includes the Golden Nugget Hotel and Casino with locations in Las Vegas, Lake Tahoe, and Laughlin, NV; Atlantic City, NJ; Biloxi, MS; Lake Charles, LA and Cripple Creek, CO.
Its entertainment and hospitality divisions include luxury hotel properties, Montage Laguna Beach Resort Hotel in California and The Post Oak Hotel at Uptown Houston, including multiple four star hotel properties, as well as River Oaks District, a luxury retail and mixed-use complex, entertainment venues such as the Kemah Boardwalk, the Galveston Island Pleasure Pier, the Tower of Americas in San Antonio, the Downtown Aquarium in Houston and the Denver Aquarium.
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‘ Some details of this article were extracted from the following source news.pollstar.com ’
