Casino-owner Station Casinosagreed to be acquired by Fertitta Colony Partners for $90 per share, or about $5.4 billion.
Fertitta will also assume $3.4 billion in Station Casino's debt.
Fertitta Colony Partners is a new company formed by two Station Casinos executives, Chairman and Chief Executive Frank J. Fertitta III and Vice Chairman and President of Lorenzo J. Fertitta, and Colony Capital Acquisitions, part of Colony Capital.
The deal reflects a revised offer, which came after an initial bid Dec. 4 for $82 a share.
Station can solicit acquisition proposals from third parties for 30 days after the agreement.
Station also said it will pay shareholders its regular quarterly dividend of about 29 cents until the deal closes.
Shares closed at $83.30 Friday on the New York Stock Exchange.
Colony Capital already has casino holdings including Kerzner International, Resorts Atlantic City, Accor Casinos and the Atlantic City Hilton and Las Vegas Hilton.
Colony most recently bid for Phoenix-based Aztar, owner of the Tropicana casino-hotels in Las Vegas and Atlantic City, New Jersey, but walked away this spring when an affiliate of Columbia Sussex made a higher offer.
Frank Fertitta Jr. founded Station Casinos with a 100-slot-machine gambling parlor and snack bar in 1976, and his sons took the company public in 1993. It has grown to 16 properties, including several Las Vegas-area neighborhood casinos, such as the Red Rock Casino Resort Spa that opened this year in the northeast. Most include movie theaters and food courts to entice local residents.
It also is part owner in the Green Valley Ranch Station Casino in Henderson and manages Thunder Valley Casino near Sacramento, California, on behalf of the United Auburn Indian Community.