Las Vegas-based casino and hotel company Caesars Entertainment has entered an agreement to be acquired by Fertitta Entertainment, giving the hospitality conglomerate ownership of four of the nine casinos in Atlantic City.
The $17.6 billion deal, which had been rumored for months, includes $11.9 billion in assumed debt and will make Caesars a privately owned casino operator. Houston-based Fertitta Entertainment is owned by Nelson Fertitta, the billionaire owner of the NBA’s Rockets and current U.S. ambassador to Italy and San Marino.
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The acquisition includes the Tropicana, Harrah’s and Caesars casinos in Atlantic City and Harrah’s Philadelphia Casino and Racetrack in Chester. Fertitta Entertainment already owned the Golden Nugget in Atlantic City. The deal requires approvals from federal regulators and Caesars shareholders. Caesars will be permitted to seek competing bids in the interim.
Caesars became one of North America’s top casino operators on the Las Vegas Strip in the 1960s with the opening of Caesars Palace. The company’s Atlantic City hotel opened in 1979. Caesars was acquired by Harrah’s in 2005, went public in 2012 and later combined with Eldorado Resorts in 2020. The combined company operates more than 50 casinos in North America, along with a retail and online sports betting platform.
Fertitta Entertainment’s dining and hospitality empire covers more than 600 properties in 15 countries. The company’s Landry Inc. restaurant portfolio includes McCormick & Schmick’s and Del Frisco’s Double Eagle Steakhouse, both of which have locations in Philadelphia.
Caesars Entertainment has struggled in recent years with declining tourism in Las Vegas, the emergence of prediction markets and strong competition from online betting rivals.
Atlantic City’s casino industry is led by Borgata Hotel Casino & Spa and the Hard Rock Hotel & Casino Atlantic City.
The New Jersey Division of Gaming Enforcement’s data from the first quarter of 2026 showed a 22.9% decline in annual profits. Net revenue remained roughly flat year-over-year at $725.6 million, but rising operating costs led to a sharp drop in profit. Caesars Atlantic City was the only casino in the market to post annual gains in revenue and profit in the first quarter.
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