Caesars Entertainment has prolonged the duration of exclusive negotiations regarding a $18 billion acquisition offer from billionaire Tilman Fertitta, according to Bloomberg News, referencing sources close to the matter.

Fertitta, the current U.S. ambassador to Italy and San Marino and proprietor of Fertitta Entertainment, has proposed a price of $32 per share for the Las Vegas-based enterprise, and plans to take on more than $11 billion in Caesars’ liabilities. Following this announcement, Caesars’ shares jumped by 2.1% to $27.80.

The suggested financing arrangement features between $2 billion and $3 billion in equity alongside an additional $4 billion to $5 billion in new borrowing secured against the company’s assets, as stated in the report.

Fertitta aims to merge Caesars with his existing businesses, such as Landry’s and Golden Nugget Hotels and Casinos, thus establishing a larger casino conglomerate.

Caesars has faced challenges due to falling visitor numbers to Las Vegas, impacting revenues across the city’s hotels, resorts, and casinos. The company has also found it difficult to compete in online sports betting against bigger players like FanDuel and DraftKings.

Fertitta had previously made overtures to Caesars in 2018 regarding a potential merger with his gaming establishment. His business manages over 600 properties in more than 15 countries, including restaurant franchises like Rainforest Café and Bubba Gump Shrimp, and also owns the NBA team Houston Rockets.

In contrast, Caesars operates more than 50 casinos throughout North America, including renowned sites like Caesars Palace, Harrah’s, and Eldorado, and runs both a retail and online sports betting platform.

News surfaced in March about exclusive talks between Fertitta and Caesars, when The Wall Street Journal reported that Fertitta Entertainment had outbid a competing proposal from investor Carl Icahn’s firm.