Caesars Entertainment to be acquired by Tilman Fertitta for $17.6 billion

Caesars Entertainment and Fertitta Entertainment have come to an agreement on what will be the biggest casino acquisition ever. Billionaire Tilman Fertitta and his company will purchase Caesars for a reported $17.6 billion. The all-cash deal will include 58 Caesars properties, $11.9 billion in company debt, and the Caesars Palace Online Casino brand. Speaking of which, if you haven't joined Caesars Palace Online, sign up with the SPORTSLINE2500 promo code and get a $10 sign-up bonus and up to $1,000 in casino credits:

According to a Caesars Entertainment press release, Fertitta will pay shareholders $31 per share to buy the company. This amount represents a 49% premium on the unaffected stock price, or the price before the acquisition rumors began in late February.

As shown below, the release urges shareholders to approve the merger since the board already has:

"The Board of Directors of Caesars Entertainment has approved the transaction and recommends that Caesars shareholders adopt and approve the merger agreement. 

"The Board, after detailed consideration with the assistance of its outside financial and legal advisors, determined that the immediate cash premium offered by this transaction is compelling for Caesars shareholders, and its approval of this transaction underscores its commitment to drive and deliver value for shareholders."

The purchase won't affect Caesars' top-level executives, including Caesars CEO Tom Reeg, COO Anthony Carano, and CFO Bret Yunker. All are expected to resume their current roles in the newly structured company.

Fertita Entertainment and Caesars Entertainment are already huge companies in their own right. Assuming the acquisition goes through as planned, they'll combine over 60 casino resorts, more than 600 locations under Landry's Inc, and 100% ownership of the NBA's Houston Rockets.

One very attractive part of this deal for Fertitta is Caesars' eight properties on the Vegas Strip, such as Caesars Palace, Paris, Planet Hollywood, and Harrah's. The former is the namesake of anyone looking for the Caesars Casino bonus code.

"From prime locations along the Las Vegas Strip to our footprint in smaller regional markets, members will enjoy significant access and rewards across our expanded network of casinos, signature hotels, award-winning restaurants, and premier entertainment, all through one seamless experience," Fertita said via a statement.

The Caesars Palace Online brand also comes along with the deal. This legal US gaming site is known for featuring some of the best online casino bonus codes and one of the largest game libraries across several states.

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Tilman Fertitta sold his Golden Nugget online casino brand to DraftKings Inc. in 2021. The $1.56 billion all-stock deal still gives Fertitta a stake in Golden Nugget and DraftKings, which operate as separate brands. But he essentially gave up control of his online gambling arm.

Through the Caesars Entertainment acquisition, he'll be back in the driver's seat of another online casino. Caesars Palace consistently rates as one of the best online casinos in regulated markets.

It offers well over 1,500 games in multiple states and features some of the largest progressive jackpot slots in US iGaming. It will be interesting to see what Fertita does with an online gambling brand again, whether he chooses to sell it or continue running it.

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Jeremy Olson