Talks of a $7bn takeover by Tilman Fertitta sends Caesars shares up by 12 per cent
Exclusive talks have reportedly taken place for a deal of $34 a share for Caesars
Shares in Caesars Entertainment jumped by 12 per cent following media reports that billionaire Tilman Fertitta is in exclusive discussions to buy the Las Vegas casino giant for around $7bn.
Rumours have been circulating for two weeks now with sources saying Fertitta’s company, Fertitta Entertainment, has been in exclusive talks about paying $34 a share for Caesars.
Fertitta, known as the world’s richest resturanteur, has a net worth of between $10.7bn and $10.8bn. He entered the casino sector in 2005, snapping up the Golden Nugget Las Vegas and Laughlin, before taking the Golden Nugget business to Atlantic City, Biloxi, and Lake Charles. In 2017 he paid $2.2bn to buy the Bouston Rockets bastketball team.
Media reports claim that billionaire Carl Icahn has already made an all-cash offer of $33 a share for Caesars.
Caesars operates eight resorts on the Las Vegas Strip, including Caesars Palace, Planet Hollywood, Paris, Harrah’s, Horseshoe and The Cromwell. The land though is owned by Caesars spin-off VICI Properties. Both bids from Fertitta and Icahn Enterprises would structure the deal in a way that would allow a takeover without Vici’s consent.
