Fertitta Entertainment, which owns and operates hospitality, gaming, and restaurant businesses across North America, has agreed to acquire Caesars Entertainment in an all-cash transaction valued at approximately $17.6 billion, including the assumption of roughly $11.9 billion in Caesars’ outstanding debt.
The transaction combines two major hospitality and gaming operators, bringing together Caesars’ (Nasdaq: CZR) Las Vegas Strip portfolio and digital gaming platform with Fertitta Entertainment’s casino, restaurant and hospitality operations, including Golden Nugget Hotels & Casinos and Landry’s. The deal is not subject to a financing condition and will be funded through a combination of Fertitta equity contributions, assumed debt and committed financing from a syndicate of 10 banks. Caesars Entertainment is one of the largest casino entertainment companies in the U.S., operating eight properties on the Las Vegas Strip, including Caesars Palace, Paris Las Vegas, Planet Hollywood, Flamingo and Harrah’s Las Vegas, alongside a broader portfolio of regional gaming assets across the country.
Morgan Stanley and Goldman Sachs are serving as financial advisors to Fertitta Entertainment, with White & Case acting as legal counsel. PJT Partners is serving as exclusive financial advisor to Caesars, while Latham & Watkins is acting as legal counsel and Skadden, Arps, Slate, Meagher & Flom is serving as antitrust counsel.