Tilman Fertitta, the billionaire hospitality mogul and U.S. ambassador to Italy, is acquiring Caesars Entertainment in a $17.6 billion deal, according to the Associated Press. Fertitta Entertainment will pay $5.7 billion in cash and assume nearly $12 billion of Caesars’ debt, the wire service reported Wednesday.
The acquisition brings together two of the most recognized names in the casino industry. Caesars Palace has anchored the Las Vegas Strip since its opening in 1966, while the company’s roots stretch back to Reno in the 1930s. Today Caesars operates nine hotel-casinos on the Strip and owns properties in more than a dozen states.
Fertitta, the CEO of Fertitta Entertainment, already controls the Golden Nugget in Las Vegas, the Rainforest Cafe and Morton’s restaurant chains, and the NBA’s Houston Rockets. He is the largest shareholder in rival Wynn Resorts and in the sports-betting company DraftKings. Fertitta has also been a major donor to Republican campaigns and President Trump, and he currently serves as the U.S. ambassador to Italy.
The combined company will rank among the nation’s largest gaming enterprises, the AP reported. The deal requires regulatory approval and is expected to close later this year.
Caesars’ history as a publicly traded company has seen repeated restructurings, including a 2015 bankruptcy and a 2020 merger with Eldorado Resorts that left the combined firm carrying a heavy debt load. Fertitta’s acquisition would add that leverage to his own portfolio while giving him control of one of the best-known brands on the Strip.