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American businessman Tilman Fertitta is in talks to buy Caesars for $7 billion after topping a bid from 90-year-old activist investor and "corporate raider" Carl Icahn.
Fertitta is the owner of the NBA franchise Houston Rockets and the entertainment firm Landry's. He is also the lead shareholder in Wynn Resorts.
Landry's currently operates casinos, including Golden Nugget brands in Las Vegas, Atlantic City, Biloxi, and four other U.S. cities. The company also owns a 60% stake in Golden Nugget's online casino site.
Caesars stock shot up 4.7% on the news of Fertitta's offer. Caesars shares had closed Tuesday at $26.01, giving the company a market value of over $5 billion.
Icahn made an earlier $33 per share offer.
Combining Fertitta’s existing casinos with Caesars’ sprawling portfolio would create one of the largest private casino operators in the count.
Negotiations are ongoing, and nothing has been officially announced.
- Aaron Goldstein, Gambling911.com
