Tilman Fertitta Might Be Looking To Buy Caesars Entertainment

Tilman Fertitta, the billionaire casino operator, is reportedly looking to buy Caesars Entertainment Corporation CZR.

What Happened

Fertitta, the owner of the Golden Nugget Casinos along with the NBA's Houston Rockets and restaurant company Landry's, is prepared to offer $13 per share to buy rival casino operator Caesars, sources close to the deal told CNBC Wednesday. Reuters first reported the news Wednesday morning.

Fertitta would serve as CEO and chairman of the combined entity, which would become the world's largest gaming and hospitality company.

Why It's Important

Sources told Reuters it's unclear if Caesars will find any offer from Fertitta as being compelling enough to merge. The offer, if accurate, comes at a time when Caesars itself is on the other side of the M&A spectrum as it's looking to buy billionaire Dan Gilbert's casino company Jack Entertainment for as much as $3 billion, the sources said.

What's Next

Reuters sources said the completion of a deal isn't certain. Caesars along with large shareholders Apollo and TPG did not comment.

Caesars' stock gained more than 15 percent following the reports, trading around $10.40 per share at time of publication.

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