From ABC News · ABC News · · 1m 30s
Caesars shareholders back $6bn Fertitta merger
Caesars Entertainment shareholders vote to approve a merger with Fertitta Gaming that would create one of the largest gaming empires.
In brief
Caesars Entertainment shareholders vote to approve a merger with Fertitta Gaming that would create one of the largest gaming empires. Caesars Entertainment shareholders approved a merger with Fertitta Gaming worth approximately seventeen point six billion dollars, pending federal antitrust review. Originally reported…
Caesars shareholders vote yes
Caesars Entertainment shareholders have approved a multibillion-dollar merger with Fertitta Gaming that would create one of the largest gaming empires.
What Caesars owns
Caesars has a dominant presence on the Las Vegas Strip, operating hotels like Caesars Palace, the Flamingo and Harrah's. It also operates casino resorts across the United States.
Who Fertitta is
Fertitta owns Las Vegas' Golden Nugget and restaurant chains like Rainforest Cafe and Morton's. Billionaire owner Tilman Fertitta is the largest shareholder in Wynn Resorts and DraftKings.
The vote in Reno
The vote took place in Reno, Nevada on Tuesday, with over one hundred thirty three million votes in favor of the merger and four million votes against.
Deal value and terms
The merger was announced in May. Fertitta agreed to pay five point seven billion dollars and take on close to twelve billion dollars in debt from Caesars, putting the total deal value at about seventeen point six billion dollars.
What happens next
Caesars and Fertitta must complete the federal antitrust review process. If approved, Caesars becomes privately held and shareholders get thirty one dollars in cash per share.
The one thing
Caesars Entertainment shareholders approved a merger with Fertitta Gaming worth approximately seventeen point six billion dollars, pending federal antitrust review.
