Golden Nugget seeks merger with Caesar's

The Golden Nugget Casino in Lake Charles, LA, officially opened for business on Monday. Photo taken Monday, December 8, 2014 Kim Brent/The Enterprise The Golden Nugget Casino in Lake Charles, LA, officially opened for business on Monday. Photo taken Monday, December 8, 2014 Kim Brent/The Enterprise Photo: KIM BRENT Photo: KIM BRENT Image 1 of / 23 Caption Close Golden Nugget seeks merger with Caesar's 1 / 23 Back to Gallery

Billionaire Tilman Fertitta, owner of a restaurant and hospitality empire, the Houston Rockets, and a glistening new high-rise hotel next to his West Loop headquarters, has approached Las Vegas-based Caesars Entertainment Corp. about a possible merger with his Golden Nugget casino chain and restaurant group, sources said Wednesday.

His holdings include the Golden Nugget hotel and casino in Lake Charles, La.

READ THE FULL STORY: Tilman Fertitta seeks to merge Golden Nugget with Caesars, sources say

In what is referred to as a reverse merger, Caesars would buy the Golden Nugget and Caesars shareholders, including Apollo Global Management and TPG Global, would continue to be shareholders in the combined company.

Fertitta could not be reached immediately and Caesers declined to comment.

Reuters, citing unnamed sources, first reported the possible deal Wednesday.

Fertitta, a Galveston native who has a net worth of $4.5 billion, according to Forbes, got his start in the restaurant business.

He has since amassed a restaurant and hospitality empire under his company, Landry's, and last year spent $2.2 billion on buying the Houston Rockets basketball team.

In 2005, he purchased Golden Nugget Hotel and Casino in Las Vegas in 2005 and later acquired additional casinos from Atlantic City, N.J. to Lake Charles, La.

Fertitta's newest Houston development was the $350 million Post Oak Hotel, a luxury hotel tower on the West Loop near Post Oak Boulevard that this year received AAA's most prestigious five diamond rating.

Fertitta is also star of CNBC's "Billion Dollar Buyer."