Fertitta Entertainment to Acquire Caesars Entertainment for $17.6 Billion

• The transaction consists of $5.7 billion in cash equity paired with Fertitta assuming $11.9 billion of Caesars’ existing debt load
• Shareholders will receive $31 per share in cash, a steep premium following months of bidding rumors involving rival investors like Carl Icahn
• To ensure a seamless transition and safeguard operational efficiency, Caesars’ existing executive leadership team is slated to stay in place

Caesars Entertainment confirmed Thursday morning (May 28) that it has agreed to be acquired by Fertitta Entertainment in a deal valued at approximately $17.6 billion, including the assumption of $11.9 billion in debt.

Largest US Casino Acquisition

Under the terms of the deal, Caesars shareholders will receive $31.00 per share in cash. This represents a 49% premium over the company’s stock price on February 26, 2026—the final trading day before buyout rumors surfaced—and a 46% premium over its 30-day volume-weighted average price.

The transaction, which caps months of intense negotiations, has been unanimously approved by the Caesars Board of Directors, which is recommending shareholder approval.

However, the agreement also includes a “go-shop” period through July 11, 2026, during which time Caesars and its financial and legal advisors may solicit, consider and negotiate alternative acquisition proposals from third parties.

If finalized, the blockbuster buyout will stand as the largest casino acquisition in U.S. history, absorbing the iconic gaming brand into billionaire Tilman Fertitta’s Houston-based hospitality and entertainment empire.

“The combination of Caesars and Fertitta Entertainment brings together two iconic and highly complementary platforms to create a dynamic suite of gaming, entertainment, and restaurant brands. The combined company will offer guests an even broader array of destinations and experiences, all connected by the Caesars Rewards loyalty network,” Caesars said in a statement confirming the deal.

Management Expected To Remain

The transaction is being financed through a combination of equity contributed by Fertitta Entertainment, assumed Caesars’ debt, and debt financing from 10 banks.

The Carano family, which owns approximately 5% of the outstanding shares of Caesars Entertainment common stock, has agreed to roll a portion of their equity into Fertitta Entertainment.

According to a statement issued by Caesars Entertainment this morning, Chief Executive Officer Tom Reeg, Chief Financial Officer Bret Yunker, President and Chief Operating Officer Anthony Carano, as well as other members of corporate management and property-level management are expected to remain in their roles.

Empire Building

The acquisition bridges two wildly diverse empires. Fertitta Entertainment—the brainchild of billionaire Tilman Fertitta—boasts an eclectic portfolio that stretches from the neon of the Golden Nugget casino chain to upscale dining staples like Landry’s and Morton’s Steakhouse, and even family favorites like Rainforest Café.

Fertitta’s reach extends past hospitality into ultra-luxury hotels like Houston’s Post Oak and California’s Montage Laguna Beach, alongside major sports assets including the NBA’s Houston Rockets and the WNBA’s Connecticut Sun.

By absorbing Caesars Entertainment, Fertitta integrates a legendary titan of brick-and-mortar gaming, sportsbooks, and digital betting into his rapidly expanding empire.