The famous Las Vegas landmark Caesars will be sold for around $6 billion

Tilman Fertitta, Trump’s ambassador to Italy and a billionaire real estate mogul, will buy Caesars Entertainment for $5.7 billion. Adding one of the most iconic operators on the Las Vegas Strip to his sprawling empire, which already includes the NBA’s Houston Rockets, the Golden Nugget casinos, and Landry’s restaurants.

Caesars shareholders will receive $31 per share in cash, a 49% premium over the share price on February 25. The last trading day before merger rumors surfaced.

Fertitta, 69, will pay $5.7 billion in cash and assume approximately $11.9 billion of Caesars’ debt, bringing the total value of the deal to roughly $17.6 billion.

According to the deal, which was made public on Thursday, Caesars has until July 11 to pursue better offers.

In order to accept the ambassadorship, Fertitta, a significant contributor to Donald Trump‘s 2024 presidential campaign. Resigned from his positions as chairman of the University System of Houston’s board and CEO of Landry’s last April. However, he kept ownership of Fertitta Entertainment, the parent company that owns all of his significant assets and is currently purchasing Caesars.

Fertitta’s net worth is estimated by Forbes to be $11 billion. He owns the Houston Rockets and has minority investments in businesses like Wynn Resorts and DraftKings. But the majority of his income comes from his ownership of Landry’s, the restaurant and hospitality company owned by Fertitta Entertainment.

In addition to more than 60 restaurants, including Strip House, Mastro’s, Catch, Morton’s, McCormick & Schmick’s, and Chart House in New York City. Landry’s owns more than 600 assets in the US and more than 15 other nations, including upscale hotels and casinos.