FTC Probes Fertitta Entertainment's $5.7 Billion Caesars Merger

The Federal Trade Commission has requested additional information and documentary material concerning the proposed $5.7 billion merger between Caesars Entertainment and Fertitta Entertainment. The deal, first reached in May, would see billionaire Tilman Fertitta pay shareholders $31 per share and assume approximately $11.9 billion of Caesars' outstanding debt.

If the acquisition is completed, Fertitta would add more than 50 Caesars resorts to a portfolio that already includes the Golden Nugget casino chain, the Houston Rockets, and Landry's restaurant company. Both companies have stated they intend to cooperate with the regulatory request.

In separate corporate developments, Caesars announced the resignations of board members Jesse Lynn and Ted Papapostolou. The Icahn Group has waived its right to appoint replacement directors to the board following these departures.