Fertitta Entertainment has agreed to acquire Caesars Entertainment Corp. in a deal valued at $5.7 billion, marking a significant consolidation in the casino and entertainment industry.

Under the terms of the agreement, Fertitta Entertainment will pay Caesars shareholders $31 per share in cash. The transaction also includes the assumption of approximately $11.9 billion in Caesars' outstanding debt, bringing the total transaction value to nearly $18 billion when including debt obligations.

Tilman Fertitta, who owns the Golden Nugget casino chain and the Houston Rockets basketball team, is expanding his entertainment and hospitality portfolio through this acquisition. Caesars Entertainment operates numerous casino properties and is one of the largest gaming companies in the United States.

The deal represents Fertitta's broader push into the leisure and entertainment sector, consolidating his position as a major player in the hospitality and gaming industries. Caesars Entertainment's extensive portfolio of properties and brands will significantly expand Fertitta's footprint in the casino market.

The transaction is subject to customary closing conditions and regulatory approvals. Both companies' boards have approved the deal, which is expected to close in the coming months pending shareholder and regulatory approval.