After weeks of intense speculation, casino mogul Tilman Fertitta has entered into a definitive agreement to acquire Caesars Entertainment for over $5.7 billion in a transformative move that could alter the landscape of the Las Vegas Strip for decades.
Fertitta Entertainment, which operates more than 600 locations across 36 US states and 15 countries, will pay Caesars shareholders $31 a share in an all-cash transaction. The deal is valued at approximately $17.6 billion, including the assumption of approximately $11.9 billion of Caesars’ outstanding debt.
Fertitta, one of the world’s richest billionaires, owns restaurant chain Landry’s, the Golden Nugget casino, and the NBA’s Houston Rockets, among other properties. When Fertitta was confirmed as US Ambassador to Italy in April 2025, he resigned as CEO of his hospitality empire, Landry’s Inc.
The mogul had been in talks to acquire Caesars for $7 billion, the Wall Street Journal reported in March. Fertitta reportedly fought off a competing bid from billionaire Carl Icahn’s investment firm.
As of 9:45 ET, Caesars traded around $29 a share in Thursday’s morning session. Following the announcement, Caesars’ shares rose 1.9% to $29.33 per share in pre-market trading.
Transaction details
The proposed transaction is not subject to a financing condition, Caesars Entertainment wrote in Thursday’s press release. The transaction will be financed through a combination of equity contributed by Fertitta Entertainment, assumed Caesars’ debt, and new committed debt financing arranged by a group consisting of 10 banks, according to the company.
Caesars’s board of directors signed off on the sale and recommended that shareholders approve the agreement. It appears that prominent Caesars’ executives, including CEO Tom Reeg and CFO Bret Yunker, will remain in their current roles, according to the company.
The Carano family gained a minority stake in Caesars Entertainment in July 2020 when their company, Eldorado Resorts, completed a $17.3 billion acquisition of the casino giant.
The family, which has about a 5% stake in Caesars as of Thursday, agreed to roll a portion of their equity interest into Fertitta’s business.
Building his empire on The Strip
The billionaire also owns a vacant plot on the Las Vegas Strip that was approved for a casino but has not been developed. In 2022, Fertitta purchased the 6.2-acre site on the southeast corner of Las Vegas Boulevard and Harmon Avenue for $270 million.
Given Fertitta’s large casino holdings, the transaction may receive antitrust scrutiny from the Federal Trade Commission. But, if completed, the deal will rank among the largest casino purchases in US history.
The agreement includes a “go-shop” period through 11 July, under which Caesars may negotiate alternative acquisition proposals from third parties.
While Caesars’ shares are down nearly 75% over the last five years, the negotiations with Fertitta have provided a lift. Before the discussions, Caesars traded around $17 a share in February, falling to a post-COVID low.
This is a breaking news story, more updates to come
