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Fertitta Entertainment<\/a><\/b>, the multinational gaming and hospitality giant owned by billionaire <\/span>Tilman Fertitta<\/b>, has gone all in with its latest acquisition.\u00a0<\/span><\/p>\n Fertitta owns the <\/span>Golden Nugget \u200bHotel and Casinos<\/b> chain and the restaurant company <\/span>Landry\u2019s<\/b>, as well as the basketball team the <\/span>Houston Rockets<\/b>. Now, the billionaire has acquired famed Las Vegas casino operator <\/span>Caesars Entertainment<\/a><\/b> in a deal valued at a monumental $17.6 billion, the company announced Thursday. As part of the deal, Fertitta will add Caesars\u2019 more than 50 resorts to its portfolio.<\/span><\/p>\n The all-cash transaction includes the assumption of approximately $11.9 billion of Caesars\u2019 outstanding debt, and will result in the company going private. Part of the deal will see Caesars shareholders receive $31 per share in cash, which represents 49 percent of the unaffected share price, as of Feb. 25.<\/span><\/p>\n A representative for Caesars declined to comment on the deal, while a spokesperson for Fertitta Entertainment did not immediately respond to a request for comment.\u00a0<\/span><\/p>\n \u201cFertitta Entertainment brings a proven operating model with a track record of successfully integrating and growing leading hospitality and entertainment businesses,\u201d the companies wrote in a joint announcement Thursday. \u201cThe transaction positions Caesars to continue executing on the strategy that has made it the leading casino-entertainment company in the United States.\u201d<\/span><\/p>\n PJT Partners<\/a><\/b> is serving as the exclusive financial adviser for the deal. Representatives for the firm did not immediately respond to a request for comment.\u00a0<\/span><\/p>\n Shares of Caesars had risen by over 2.5 percent in pre-market trading Thursday morning, and opened in the green above 1 percent at the bell.\u00a0<\/span><\/p>\n Completion of the deal comes after Fertitta made a $7 billion bid for Caesars back in March, <\/span>Commercial Observer had previously reported<\/span><\/a>, beating a competing offer from the firm of billionaire investor <\/span>Carl Icahn<\/b>. (Fertitta\u2019s new deal \u2014 with an equity value of about $5.7 billion \u2014 is lower than his initial bid.)<\/span><\/p>\n Caesars CEO <\/span>Tom Reeg<\/b>, Chief Financial Officer <\/span>Bret Yunker<\/b>, and President and Chief Operating Officer <\/span>Anthony Carano<\/b> are all expected to remain in their positions leading Caesars\u2019 operations at the combined company.\u00a0<\/span><\/p>\n