Rockets owner Tilman Fertitta to buy Vegas casino 'giant'

LAS VEGAS, Nevada - Caesars Entertainment, owner of multiple popular casinos in Las Vegas and more, has announced that it plans to sell to Houston Rockets owner Tilman Fertitta. 

Tilman Fertita buys Caesars Entertainment

What we know:

Caesars Entertainment announced on Thursday that it has agreed to sell to Fertitta Entertainment, Inc.

The total sale will be for $17.6 billion in cash, including $11.9 billion of Caesars' outstanding debt. The transaction will be paid through "a combination of equity contributed by Fertitta Entertainment, assumed Caesars’ debt, and new committed debt financing arranged by a group consisting of 10 banks."

Caesars' Board of Directors have approved the deal, but the company's shareholders have to approve as well. If they do, each shareholder will receive $31 in cash.

Caesars is also open to proposals from third parties until July 11.

More on Caesars, Fertitta Entertainment

Big picture view:

Caesars Entertainment is described as "one of the world's most diversified casino-entertainment providers." The company is over brands like Harrah's, Horseshoe, and Eldorado, which are along the Las Vegas strip.

According to Las Vegas Review-Journal, the Reno-based company operates eight casino resorts on the strip, four in its hometown, three in Lake Tahoe, and two in Laughlin.

Fertitta Entertainment also has a casino resort on the Vegas strip as it owns Golden Nugget, LLC. The company also owns the Houston Rockets, the Post Oak Hotel in Uptown Houston, the Kemah Boardwalk, and more.