Fertitta Entertainment to Acquire Caesars Entertainment in Near $18 Billion Deal

• Caesars Entertainment announced today a deal to be acquired by Fertitta Entertainment
• The all-cash agreement from Fertitta Entertainment totaled $17.6 billion, including assumption of nearly $11.9 billion of Caesars’ debt
• Fertitta will take Caesars private, paying $31 for each outstanding Caesars share

Caesars Entertainment is soon to be going private.

The Board of Caesars Entertainment announced today it has approved a $17.6 billion transaction in which Fertitta Entertainment will acquire one of the most recognizable names in gambling. Caesars Sportsbook will be included in the deal.

The all-cash transaction will also include the Fertitta Entertainment assumption of approximately $11.9 billion of Caesars’ outstanding debt.

Paying a Premium For Stock Shares

Tilman Fertitta is the sole owner and CEO of Fertitta Entertainment, Inc., who also owns the Houston Rockets. Fertitta Entertainment is already highly ingrained in the gambling industry, as it owns Golden Nugget, LLC, a gaming, restaurant, hospitality, and entertainment company based out of Houston, Texas.

Under the terms of the agreement, Caesars shareholders will receive $31 in cash for each outstanding share, representing a 49% premium over Caesars’ unaffected share price as of Feb. 25, 2026, the last trading day before rumors of a potential transaction were made public.

“Together, Caesars and Fertitta Entertainment have a shared commitment to operational excellence, customer service, and disciplined growth, with employees and guests remaining at the heart of the business,” Caesars Entertainment noted in its press release announcing the transaction.

Caesars Entertainment Chief Executive Officer, Tom Reeg; Chief Financial Officer, Bret Yunker; President and Chief Operating Officer, Anthony Carano; as well as other members of the corporate management team and property-level management and personnel are expected to remain in their roles with Caesars Entertainment, according to a press release.

As part of the deal, Caesars Entertainment will have through July 11, 2026, to solicit, consider, and negotiate alternative acquisition proposals from third parties. The Caesars Board of Directors will have the right to terminate the agreement with Fertitta Entertainment and enter into a superior alternative agreement if found.

Board Urges Approval of Deal

The Caesars Board of Directors approved the transaction and recommended that Caesars shareholders adopt and approve 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, and its approval of this transaction underscores its commitment to drive and deliver value for shareholders,” Caesars Entertainment reported in its release.