Owner of the Houston Rockets to acquire the Caesars casino chain for $17.6 billion
Billionaire Tilman Fertitta, whose family ran illegal gambling operations in Texas in the mid-20th century, is close to acquiring the Las Vegas casinos that host the World Series of Poker every year. He has agreed to buy the Caesars chain, which includes Paris, Horseshoe, Caesars Palace and several other properties.
On Tuesday, shareholders of Caesars Entertainment Inc. approved the billionaire's offer. Fertitta's proposed deal calls for Caesars shareholders to be paid $31 per share in cash. In total, the businessman will pay $17.6 billion. That figure includes roughly $11.9 billion of Caesars debt in bank loans and bonds. 65.4% of shareholders voted in favor of the agreement.
Shareholder approval does not close the deal just yet. The parties still have to satisfy regulatory and other conditions. If the sale of Caesars goes through, the company's shares will be delisted from the Nasdaq exchange, and it will become a subsidiary of Fertitta Gaming Holdco LLC.
Tilman Fertitta owns the Landry's corporation, which comprises more than 600 restaurants, hotels, casinos and entertainment venues. In 2017, the businessman bought the NBA's Houston Rockets for $2.2 billion.
It's worth noting that Fertitta's great-great-grandmother was the sister of the well-known Texas mobsters Salvatore and Rosario Maceo. They ran illegal casinos, bars and brothels in Galveston from the 1920s through the 1950s.
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On Tuesday, shareholders of Caesars Entertainment Inc. approved the billionaire's offer. Fertitta's proposed deal calls for Caesars shareholders to be paid $31 per share in cash. In total, the businessman will pay $17.6 billion. That figure includes roughly $11.9 billion of Caesars debt in bank loans and bonds. 65.4% of shareholders voted in favor of the agreement.
Shareholder approval does not close the deal just yet. The parties still have to satisfy regulatory and other conditions. If the sale of Caesars goes through, the company's shares will be delisted from the Nasdaq exchange, and it will become a subsidiary of Fertitta Gaming Holdco LLC.
Tilman Fertitta owns the Landry's corporation, which comprises more than 600 restaurants, hotels, casinos and entertainment venues. In 2017, the businessman bought the NBA's Houston Rockets for $2.2 billion.
It's worth noting that Fertitta's great-great-grandmother was the sister of the well-known Texas mobsters Salvatore and Rosario Maceo. They ran illegal casinos, bars and brothels in Galveston from the 1920s through the 1950s.
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