On Thursday, Caesars Entertainment announced its agreement to be purchased by Fertitta Entertainment in a cash deal worth approximately $17.6 billion. This figure includes the assumption of around $11.9 billion in debt, marking a significant shift as one of the largest casino operators in the U.S. transitions to private ownership.
According to the terms of the agreement, shareholders of Caesars will receive $31 per share in cash, reflecting a 49% premium over the company's share price as of February 25, 2026, which was the last trading day before rumors of the acquisition surfaced.
The board of the Las Vegas-based casino operator unanimously approved the acquisition and encouraged shareholders to vote in favor of the merger.
After thorough discussions with external financial and legal advisors, the board concluded that the immediate cash premium offered is highly attractive for Caesars’ shareholders.
This acquisition will enhance the hospitality portfolio of Tilman Fertitta, the owner of Fertitta Entertainment, who is also the U.S. ambassador to Italy and San Marino, and owns the Houston Rockets and Golden Nugget Hotel and Casinos.
Fertitta had previously expressed interest in merging his gaming operations with Caesars back in 2018.
The newly formed entity will comprise 60 casino resorts and gaming venues, Caesars’ online gaming and sports betting services, over 200 retail sports betting locations under the William Hill brand, and more than 600 Fertitta Entertainment establishments, including Landry’s restaurants and entertainment venues.
“This transaction positions Caesars to continue executing the strategy that has established it as the premier casino-entertainment company in the United States,” stated the casino giant.
Caesars' CEO Tom Reeg, CFO Bret Yunker, and President and COO Anthony Carano are expected to retain their positions after the deal is finalized.
The acquisition will not be contingent on financing and will be funded through a mix of equity from Fertitta Entertainment, the debt assumed from Caesars, and new debt financing arranged by a consortium of 10 banks.
The agreement also includes a “go-shop” provision until July 11, allowing Caesars to explore and negotiate other acquisition offers.
Caesars was established through a merger with Eldorado Resorts in 2020, a deal supported by activist investor Carl Icahn.
Recently, the company has experienced challenges due to declining visitor numbers in Las Vegas, its primary market, along with increasing competition in online betting from rivals like FanDuel and DraftKings, as well as emerging prediction markets.