<\/p>\n
A Texas billionaire has emerged as the leading candidate to buy one of the Strip\u2019s largest casino companies, according to a new report.<\/p>\n
Tilman Fertitta has been in exclusive talks to purchase Caesars Entertainment Inc. for $7 billion after beating a competing offer from Carl Icahn\u2019s investment firm, the Wall Street Journal reported <\/a>Wednesday<\/a>. The WSJ\u2019s unnamed sources said Fertitta\u2019s company, Fertitta Entertainment, has been discussing paying around $34 a share for the casino operator.<\/p>\n Caesars Entertainment\u2019s stock jumped nearly 12 percent to $29.08 per share after the WSJ story appeared Wednesday afternoon. At the close of the market Thursday, Caesars Entertainment\u2019s stock price was $28.41, resulting in a market capitalization of roughly $5.9 billion.<\/p>\n Caesars Entertainment has a reported debt load of $11.9 billion, which does not account for long-term lease payments on multiple casino properties across the country, including Caesars Palace and Harrah\u2019s in Las Vegas.<\/p>\n Similar to a Financial Times story in February, which first reported on the potential sale<\/a>, the WSJ\u2019s sources said no sale announcement is imminent, and it is possible that nothing will happen between the two parties.<\/p>\n Caesars Entertainment was also approached with an all-cash bid of roughly $33 a share from Icahn Enterprises. Caesars Entertainment has not yet formally turned down that offer, according to the WSJ.<\/p>\n Caesars Entertainment was acquired by Reno-based Eldorado Resorts Inc. in 2020 for $17.3 billion. The resulting entity retained the Caesars brand.<\/p>\n Fertitta is currently the U.S. ambassador to Italy and San Marino. His hospitality empire includes several Golden Nugget casino hotels in Nevada, multiple restaurant brands under the Landry\u2019s Inc. umbrella and being the largest single shareholder of Wynn Resorts Ltd. He is the also the owner of the NBA\u2019s Houston Rockets. Fertitta is a cousin of Lorenzo and Frank Fertitta III, who run Red Rock Resorts and Station Casinos.<\/p>\n Caesars operates more than 50 properties under its Caesars, Harrah\u2019s, Eldorado and Tropicana brands. Its shares, and those of other gambling operators, have slipped in recent months as investors weigh the potential competitive threat posed by prediction platforms, such as Polymarket and Kalshi.<\/p>\n Some prospective bidders had assumed that any acquisition would hinge on approval from Vici Properties Inc, the real-estate investment trust spun off during Caesars Entertainment\u2019s 2017 bankruptcy and now one of its largest landlords. But people familiar with the matter said the proposals from Fertitta and Icahn Enterprises are structured to allow Caesars Entertainment to be divided without Vici\u2019s signoff, according to the WSJ.<\/p>\n Contact David Danzis at ddanzis@reviewjournal.com<\/a> or 702-383-0378. Follow @AC2Vegas_Danzis<\/a> on X.<\/p>\n<\/p><\/div>\n \u2018 The preceding article may include information circulated by third parties \u2019 <\/em><\/p>\n \u2018 Some details of this article were extracted from the following source www.reviewjournal.com \u2019 <\/em><\/p>\n","protected":false},"excerpt":{"rendered":" A Texas billionaire has emerged as the leading candidate to buy one of the Strip\u2019s largest casino companies, according to a new report. Tilman Fertitta has been in exclusive talks to purchase Caesars Entertainment Inc. for $7 billion after beating a competing offer from Carl Icahn\u2019s investment firm, the Wall Street Journal reported Wednesday. 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