Richest U.S. Casino Boss Secures Key Approval In Caesars Takeover
Billionaire Tilman Fertitta has moved closer to taking control of Caesars Entertainment in a deal that would cement him as the richest U.S. casino boss.
According to an SEC filing, Caesars shareholders approved Fertitta Entertainment’s proposed acquisition on Sept. 22. More than 133 million shares voted for the transaction, about 65% of all outstanding Caesars stock.
Caesars will disappear from the stock market if the deal closes. It would become a wholly owned subsidiary of Fertitta Entertainment.
Why It Matters in Anti-Casino Struggle
The Texas billionaire (Forbes estimate of $10.9 billion) has spent years lobbying and donating to politicians to legalize enormous resort-style casinos in the Lone Star State. He has also pushed for casinos in Georgia.
His growing gambling empire could give him more power to bring harmful casinos to those strongholds against casino gambling addiction. Still, anti-casino advocates in both Texas and Georgia have proved formidable.
If the Caesars transaction closes, Fertitta’s casino empire would have a presence in 18 U.S. states. Those include Arizona, California, Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Maryland, Mississippi, Missouri, Nebraska, Nevada, New Jersey, North Carolina, Ohio, Pennsylvania, and Virginia.
A Massive U.S. Gambling Empire
Fertitta sent shockwaves through the gambling industry in May when he agreed to acquire Caesars for $31 per share. The transaction involves roughly $6 billion in cash and about $12 billion in debt.
Caesars owns or operates more than 50 properties and generates roughly $12 billion in annual revenue. Its brands also include Harrah’s and Horseshoe.
Fertitta already owns eight Golden Nugget casinos, along with hundreds of restaurants and the NBA’s Houston Rockets. The NBA is deeply embedded in the online gambling industry.
Richer Casino Fortunes
Fertitta would not be America’s richest person whose fortune comes from casino gambling.
Forbes estimates Miriam Adelson and her family at $32.3 billion. The family owns more than half of Las Vegas Sands, but Sands no longer operates U.S. casinos. It sold its Las Vegas properties in 2022 and now operates casinos exclusively in Macao and Singapore.
Adelson has also lobbied for a casino in Texas.
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