Caesars Entertainment agreed to be acquired by Fertitta Entertainment in an all-cash transaction valued at approximately $17.6 billion, including the assumption of approximately $11.9 billion of Caesars’ outstanding debt, the companies said on Thursday.
Under the terms of the agreement, Caesars shareholders will receive $31.00 in cash for each outstanding share. The offer represents a 49% premium over Caesars’ unaffected share price as of Feb. 25, 2026, the last trading day before rumors of a potential transaction emerged, and a 46% premium over the unaffected 30-day volume-weighted average price as of the same date, the company said.
Fertitta Entertainment is the holding company of Tilman Fertitta and Paige Fertitta, encompassing Golden Nugget Hotels and Casinos, the restaurant and hospitality company Landry’s, and the NBA’s Houston Rockets. The combined company would operate 60 casino resorts and gaming facilities, online gaming including sports betting and iCasino through Caesars’ digital platform, retail sports betting at over 200 third-party locations through the William Hill brand, and more than 600 Fertitta Entertainment outlets including Landry’s full-service restaurants.
Revenue headwinds have been building at Caesars, as softening foot traffic to Las Vegas has weighed on its resort and casino business and its digital wagering unit has struggled to close the gap with FanDuel and DraftKings, CNBC reported.
Caesars’ board of directors approved the transaction and recommends that shareholders adopt and approve the merger agreement. Caesars Entertainment CEO Tom Reeg, CFO Bret Yunker, and President and COO Anthony Carano are expected to remain in their roles at the combined company, the company said.
The deal is not subject to a financing condition. Fertitta Entertainment plans to finance the transaction through a combination of equity, assumed Caesars debt, and new committed debt financing arranged by a group of 10 banks. Approximately 5% of Caesars’ outstanding shares are held by the Carano family, who have committed to converting part of their stake into equity in the combined Fertitta Entertainment entity.
Until July 11, 2026, Caesars retains the right under a go-shop provision to actively seek and evaluate competing offers. Upon completion of the transaction, Caesars stock will no longer be listed on Nasdaq.
The deal remains subject to Caesars shareholder approval and customary regulatory approvals. On the advisory side, Caesars has engaged PJT Partners for exclusive financial counsel, Latham & Watkins for legal matters, and Skadden, Arps, Slate, Meagher & Flom for antitrust work. Fertitta Entertainment’s financial advisory team consists of Morgan Stanley and Goldman Sachs, with White & Case handling legal representation.
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source finance.yahoo.com ’
