BOSSIER CITY, La. — The parent company of Horseshoe Bossier City is set to change hands after billionaire hospitality mogul Tilman Fertitta agreed to a multibillion-dollar acquisition of Caesars Entertainment Inc.
The deal, valued at approximately $17.6 billion including the assumption of debt, will bring the Bossier City casino hotel under the ownership of Fertitta Entertainment. Fertitta currently owns the Golden Nugget casino resort in Lake Charles, alongside prominent restaurant chains including Rainforest Cafe and Morton's The Steakhouse.
Under the terms of the agreement, Fertitta Entertainment will pay $5.7 billion in cash and take on close to $12 billion in debt from Caesars. Caesars investors are set to receive $31 in cash for each share they own. The purchase price represents a 49% premium over the stock price recorded in February, before public chatter regarding a potential corporate tie-up first emerged.
The acquisition comes with a provision allowing Caesars to seek competing bids through July 11. Shares of Caesars Entertainment rose nearly 2% before the opening bell Thursday and have climbed 15% since initial merger rumors began circulating.
The transaction unites the historic Caesars brand with Fertitta's extensive entertainment and hospitality portfolio. Caesars became an iconic name in the gaming industry following the 1966 opening of Caesars Palace on the Las Vegas Strip. However, the company traces its corporate roots back to the 1930s Reno, Nevada.
In addition to his hospitality empire, Tilman Fertitta is the owner of the National Basketball Association's Houston Rockets and currently serves as the United States Ambassador to Italy.