Caesars Stockholders Vote in Favor of $5.7 Billion Fertitta Deal

Dow Jones09-23 22:55

Caesars Entertainment said its stockholders voted upon and approved its $5.7 billion tie up with Fertitta Entertainment.

Nearly two-thirds of Caesars' stockholders voted in favor of the merger at a special meeting held Tuesday, the company said, marking a step toward the completion of the deal.

The vote comes after billionaire Tilman Fertitta in May reached an agreement to buy Caesars, paying shareholders $31 a share and assuming about $11.9 billion of the casino company's outstanding debt.

The deal would add Caesars's more than 50 resorts to Fertitta's portfolio, which already includes the Golden Nugget casino chain and other hospitality and gaming businesses, as well as the restaurant company Landry's and the National Basketball Association's Houston Rockets.

Caesars' board of directors previously approved the deal, which still requires approval from the Federal Trade Commission. The agency last week requested additional information from Caesars and Fertitta, both of which subsequently said they intend to work cooperatively and provide the requested materials.

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