Caesars Entertainment is being acquired for almost $6 billion by Fertitta, the company that owns Las Vegas' Golden Nugget and chains like Rainforest Cafe and Morton's.

Caesars became an iconic name after the opening of Caesar's Palace on the Las Vegas Strip in 1966. However, its roots date back to the 1930s in Reno, Nevada.

Fertitta Entertainment will pay $5.7 billion and take on close to $12 billion in debt from Caesars, putting the total value of the deal at about $17.6 billion.

As part of the agreement, Caesars can seek competing bids through July 11.

Caesars investors will get $31 in cash for each share they own, a 49% premium over the share price before chatter about a possible tie-up between the two entertainment companies began in February.

Shares of Caesars Entertainment Inc., which are up 15% since merger rumors emerged, rose almost 2% before the opening bell Thursday.

STATEMENT by Culinary Union Secretary-Treasurer Ted Pappageorge regarding the proposed sale of Caesars Entertainment:

All Culinary Union members employed on the Las Vegas Strip and in Downtown Las Vegas are protected by strong union contracts. Caesars Entertainment is one of the largest employers of hospitality workers in Las Vegas, including 10,000 Culinary Union members employed at Caesars Entertainment properties in the state.

Casino resorts are dynamic workplaces and that’s why strong Culinary Union contracts are necessary and in place to protect workers.

Culinary Union has had strong relationships with both Caesars and Tilman Fertitta and we do not see that changing. We anticipate there will be discussions ahead about the full ramifications of this purchase and while we do not know all the details yet, we are confident that based on our relationships with both companies, we will continue to have a positive relationship going forward.

Culinary Union remains committed to ensuring that workers’ rights are respected, their jobs are protected, and the union contract is fully enforced.

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