Billionaire hospitality mogul Tilman Fertitta is expanding his entertainment empire with a significant acquisition of Caesars Entertainment Inc., a move that will notably affect the Horseshoe Casino in Bossier City, Louisiana. This $17.6 billion deal, which includes the assumption of debt, will bring the Bossier City casino hotel under the ownership of Fertitta Entertainment.

Fertitta, who already owns the Golden Nugget casino resort in Lake Charles, is known for his extensive portfolio in the hospitality industry, including popular restaurant chains such as Rainforest Cafe and Morton’s The Steakhouse. The acquisition agreement involves a cash payment of $5.7 billion and the assumption of nearly $12 billion in debt from Caesars. Shareholders of Caesars Entertainment are set to receive $31 in cash for each share they own, representing a 49% premium over the stock’s price in February, before rumors of the merger began circulating.

This transaction not only unites the historic Caesars brand with Fertitta’s growing portfolio but also allows Caesars to seek competing bids through July 11. The announcement has already influenced the stock market, with Caesars Entertainment shares rising nearly 2% before the opening bell on Thursday and climbing 15% since the initial merger rumors.

Caesars Entertainment has been a prominent name in the gaming industry since the opening of Caesars Palace on the Las Vegas Strip in 1966, although its corporate roots trace back to the 1930s in Reno, Nevada. In addition to his hospitality ventures, Tilman Fertitta is the owner of the NBA’s Houston Rockets and currently serves as the United States Ambassador to Italy.

Original reporting: KTBS 3 (Shreveport) — read the source article.