Fertitta in talks to buy Caesars Palace Empire

HOUSTON – (Realty News Report) – Houston billionaire Tilman Fertitta is having serious discussions about acquiring Caesars Entertainment, owner of Caesars Palace and other casino hotels on the Las Vegas Strip, according to a report in the Wall Street Journal.

Fertitta’s possible acquisition, which is still under negotiation, could trade with a $7 billion price tag. The Wall Street Journal, quoting unnamed sources, said Fertitta Entertainment’s offer had surpassed a bid from investor Carl Icahn.

Fertitta is owner of the NBA’s Houston Rockets, the Golden Nugget casinos and hundreds of restaurants and hotels. Mr. Fertitta recently took a step back from day-to-day business activity, including his position as chairman of the Board of Regents at the University of Houston, after he was appointed U.S. Ambassador to Italy by President Donald Trump.

Shares of Caesars Entertainment (traded with the symbol CZR) rose 12% on Wednesday. Fertitta is discussing a $34 per share bid, higher than Ichan’s $33 a share bid, the Wall Street Journal said.

Caesars operates more than 50 properties including Harrah’s, Circus Circus and the Caesars casino hotel on Canal Street in New Orleans.

In Las Vegas, Fertitta has been planning a 43-story casino hotel on a prime site he owns on The Strip, close to Caesars’ Planet Hollywood.

Two years ago, Fertitta acquired the River Oaks District in Houston, a 13.9-acre retail and upscale mixed-use development at 4444 Westheimer Road, just east of Loop 610. The $450 million purchase gave Fertitta a roster of tenants from the upper crust of retail brands including Hermes, Cartier, Rolex, Dior, Van Cleef & Arpels, Patek Phillip, Brunello Cucinelli, Balmain, Zimmerman, and Harry Winston.

Born on the island (BOI) of Galveston, Fertitta founded Landry’s Seafood in Katy in 1980 and went on from there to create a restaurant empire with more than 600 eateries.

Historical Context:

“Beware of the Ides of March.” – The soothsayer predicts the assassination of Caesar on March 15, 44 BC, in William Shakespeare’s Julius Caesar.