Caesars Entertainment shareholders approved the company's merger with Fertitta Entertainment late Tuesday, checking off the initial step in a $17.6 billion deal with the Houston-based holding company managed by billionaire investor Tilman Fertitta.

In a filing Wednesday morning with the Securities and Exchange Commission (SEC), Caesars said the deal was approved by 65.4 percent of its shareholders participating in a special meeting at the Eldorado Resort in Reno, either in person or by mail-in proxy.

Caesars said in the filing that the votes represented more than 70 percent of the company's outstanding shares, which constituted a quorum. Caesars shareholders will receive $31 per share, a 49 percent premium over Caesars' share price on Feb. 25.

The vote is the first step in completing the multibillion-dollar transaction between Caesars and Fertitta that will change the ownership of some 60 casinos nationwide, including 15 resorts in Nevada.

The merger still requires approval by gaming regulatory agencies throughout the U.S., including Nevada. The SEC also needs to determine any federal antitrust issues. Most of the state regulatory matters are expected to fall into next year.

The transaction is the largest casino merger since Eldorado acquired Caesars in 2020 for $17.3 billion. An $18 billion buyout of MGM Resorts International, announced earlier this year by investor Barry Diller, is pending.

A combined Caesars-Fertitta operation would control three of Stateline's four casinos: Golden Nugget Lake Tahoe, Harrah's Lake Tahoe and Caesars Republic. In Laughlin, the company would have three of the eight casinos, Harrah's Laughlin, Tropicana Laughlin and the Golden Nugget Laughlin.

Fertitta, whose net worth is estimated at $11 billion, according to Forbes, is currently serving as the United States ambassador to Italy and San Marino. His Houston-based company owns some 600 businesses, including eight Golden Nugget casinos in five states and the NBA's Houston Rockets.