It seems that Texas billionaire and real estate mogul, Tilman Fertitta, is still interested in consolidating his empire with Caesars Entertainment Corporation. Tilman, who is the world’s richest restaurateur, approached the hospitality and gaming giant in October last year, proposing a merger deal that would place him at the helm. Caesars is said to have rejected the offer last year, and four months down the line, it looks like the businessman is still interested in pursuing the deal after news emerged that Tilman has acquired stock in the company.
Fertitta is yet to make the news public but sources familiar with this latest move have revealed that the billionaire has bought 4 million shares in Caesars, which is less than 1% of the casino and hotel operator’s total. The source also affirmed that Fertitta is still interested in combining his business with Caesars, and he believes that the corporation is undervalued. However the businessman is yet to make another merger proposal.
Tilman is known for purchasing under-performing brands
Tilman is a renowned business mogul, and he currently ranks #153 on the Forbes 400 with a fortune of $4.6 billion. He is the owner of Landry’s Inc which owns and operates the Golden Nugget group of casinos in Atlantic City, Biloxi, Lake Charles, and Laughlin. On a wider scope, Landry’s Inc owns more than 60 brands spanning across 600 locations. Mr. Fertitta’s is also the owner of American pro basketball team, Houston Rockets which he bought last year.
Throughout his career, Fertatti has been known for acquiring struggling brands and turning their fortune around. Examples include McCormick & Schmick’s, Claim Jumper, and Morton’s The Steakhouse. Caesars is still recovering from a $30 billion leveraged buyout fallout, and word on the ground is that some of the corporation’s investors are pushing for its sale or divestment of some of the company’s assets at the least.