Because billionaires can afford to gamble, hospitality magnate Tilman Fertitta is buying a rival casino empire and its colossal pile of debt.
In a merger that ought to be presided over by an Elvis impersonator, his holding company announced Thursday that it will acquire Caesars Entertainment, one of the Las Vegas Strip’s defining brands, in a deal worth $17.6 billion.
Marriage Capital Merger
If you’re not familiar with Fertitta’s privately held, Houston-based holding company, you know its assets. There’s restaurant giant Landry’s, which oversees Bubba Gump Shrimp Co., Joe’s Crab Shack, Rainforest Cafe and a portfolio of casino-hotels including the Vegas Strip’s Golden Nugget. There’s also the NBA’s Houston…