Billionaire Tilman Fertitta is making a high-stakes play for the Las Vegas Strip. According to reports from Seeking Alpha and the Houston Chronicle, the owner of Fertitta Entertainment is in exclusive negotiations to acquire Caesars Entertainment. The reported deal is valued at approximately $7 billion, which breaks down to $34 per share for the legendary gaming company.

This blockbuster offer reportedly surpasses a competing bid from Carl Icahn. Sources including iGamingToday.com indicate that Icahn’s firm had previously proposed a price of $33 per share. Fertitta, who already owns the Golden Nugget casino chain and the Houston Rockets, would significantly expand his gambling empire if the merger moves forward.

While shares of Caesars Entertainment rose following the news, an official deal is not yet guaranteed. Reports from CDC Gaming Reports and Casino.org note that an announcement is not imminent and the talks could still fall through. For now, both Caesars and Fertitta Entertainment have remained quiet regarding the specifics of the ongoing discussions.