Tilman Fertitta to buy Caesars for $17.6 billion

Fertitta Entertainment, the privately held company controlled by Houston billionaire Tilman Fertitta, agreed to acquire Caesars Entertainment for $17.6 billion, the companies announced Wednesday. The agreement would transfer control of Caesars’ casinos, resorts and related businesses to Fertitta if the deal closes.

The purchase is structured as an acquisition by Fertitta’s firm and remains subject to regulatory approvals, shareholder votes and customary closing conditions. The companies plan to file required documents with regulators and to disclose additional financing and timing details as they become available.

Tilman Fertitta built his hospitality holdings through Landry’s Inc. and the Golden Nugget casino brand. He formed Fertitta Entertainment after expanding Landry’s and currently owns restaurants, hotels and several casino properties.

Caesars Entertainment is a Las Vegas–based gaming company that operates brands including Caesars Palace and Harrah’s, along with regional casinos, hotels and loyalty programs across the United States and internationally.

The announcement did not include a detailed financing plan, a timetable for closing, operating plans for Caesars properties, or changes to executive leadership or employment levels. The companies noted that more information will be provided in required regulatory filings.

Regulators and creditors are expected to review competition issues, debt arrangements and potential effects on operations and labor. Federal and state approvals will likely be required before a closing date can be set.

If the acquisition is completed, Caesars’ portfolio and related technology and loyalty assets would move into private ownership under Fertitta Entertainment.