Caesars Entertainment announced Thursday morning its board had accepted the long-rumored deal for Fertitta Entertainment to acquire the iconic casino brand and all of its properties.
The announcement referred to it as a “definitive agreement,” though it is still subject to the approval of Caesars Entertainment shareholders and other standard conditions. The transaction is valued at approximately $17.6 billion, which includes the assumption of approximately $11.9 billion of Caesars’ debt, meaning the cash value of the deal is approximately $5.7 billion.
Golden Nugget owner Tilman Fertitta, who also owns the NBA’s Houston Rockets and was named U.S. ambassador to Italy last May, has been in…