Tilman Fertitta, the billionaire owner of Landry's Inc., has agreed to acquire Caesars Entertainment for nearly $18 billion in cash, marking a significant shift in the casino and entertainment industry. According to Bloomberg, Reuters, and Yahoo Finance, this deal will see Caesars Entertainment become a privately held company under Fertitta Entertainment.
The acquisition is valued at around $17.6 billion, making it one of the largest private equity transactions in recent years. This move signals a major consolidation within the casino industry as Fertitta expands his portfolio beyond restaurants and hotels to include a leading gaming operator.
Fertitta's purchase will be funded through a combination of cash on hand, debt financing, and new equity issuance. Caesars shareholders are expected to receive $27 per share in cash for their holdings, representing a premium over the company’s recent trading price.
This deal comes at a time when many casino operators have been struggling due to the impact of the pandemic on travel and leisure activities. The acquisition is seen as a strategic move by Fertitta to capitalize on potential recovery trends within the industry.
While details of the transaction are still being finalized, Caesars Entertainment has agreed in principle to the buyout offer from Fertitta Entertainment, pending regulatory approvals and shareholder votes.