Caesars Entertainment to be acquired by Fertitta Entertainment in $17.6 billion deal

Caesars Entertainment announced on Thursday that it has agreed to be acquired by Fertitta Entertainment in an all-cash transaction valued at about $17.6 billion, including the assumption of approximately $11.9 billion in debt, taking one of the largest U.S. casino operators private.

Under the terms of the agreement, Caesars shareholders will receive $31 per share in cash, representing a 49% premium to the company’s unaffected share price as of Feb. 25, 2026, the last trading day before reports of a potential transaction emerged.

The Las Vegas-based casino operator’s board unanimously approved the deal and recommended shareholders vote in favor of the merger agreement.

The Board, after detailed consideration with the assistance of its outside financial and legal advisors, determined that the immediate cash premium offered by this transaction is compelling for Caesars shareholders.

The acquisition expands the hospitality empire of Fertitta Entertainment owner Tilman Fertitta, the U.S. ambassador to Italy and San Marino, who also owns the Houston Rockets and Golden Nugget Hotel and Casinos.

Fertitta had previously approached Caesars in 2018 about combining the company with his gaming operations.

The combined company will include 60 casino resorts and gaming facilities, Caesars’ online gaming and sports betting operations, more than 200 retail sports betting locations under the William Hill brand, and over 600 Fertitta Entertainment outlets, including Landry’s restaurants and entertainment venues.

"The transaction positions Caesars to continue executing on the strategy that has made it the leading casino-entertainment company in the United States," the casino giant said.

Caesars Chief Executive Officer Tom Reeg, Chief Financial Officer Bret Yunker and President and Chief Operating Officer Anthony Carano are expected to remain in their current roles following the completion of the transaction.

The company deal was not subject to a financing condition and would be funded through a combination of equity from Fertitta Entertainment, assumed Caesars debt and new debt financing arranged by a consortium of 10 banks.

The agreement includes a “go-shop” period through July 11, allowing Caesars to solicit and negotiate alternative acquisition proposals.

Caesars was formed through the 2020 merger with Eldorado Resorts, a transaction backed by activist investor Carl Icahn.

The company has faced pressure in recent quarters from softer visitation trends in Las Vegas, its core market, and increasing competition in online betting from rivals such as FanDuel and DraftKings, as well as emerging prediction markets.