Billionaire Tilman Fertitta, owner of the Golden Nugget casino chain and Landry’s restaurant group has made an approach to Caesars Entertainment Corp about a possible merger deal.
If it happens, the so-called reverse merger would see Las Vegas-based Caesars buy the Golden Nugget business, according to a Reuters report.
Fertitta’s empire includes the Golden Nugget Hotel and Casino in Vegas as well as casinos in Atlantic City, Laughlin, NV, and Biloxi.
The deal could be worth up to $3 billion.
Caesars’ private equity shareholders including Apollo Global Management LLC and TPG Global would remain shareholders in the combined business and Fertitta would become chairman of the new company and largest individual shareholder.
Fertitta also owns NBA franchise the Houston Rockets and has a net worth of about $4.5 billion according to Forbes.
