Caesars Entertainment agreed on 28 May 2026 to be acquired by Tilman Fertitta's Fertitta Entertainment for $31 a share in cash, in a transaction valued at about $17.6bn including debt.
Why Fertitta Entertainment, Inc. is buying Caesars Entertainment, Inc.
The companies said combining Caesars' casinos, digital gaming business and Caesars Rewards loyalty network with Fertitta's Golden Nugget casinos, Landry's restaurants and hospitality assets would create a broader gaming, entertainment and dining group. Caesars' management, including chief executive Tom Reeg, is expected to stay on.
Deal terms and financing
The $31 cash price is a 49% premium to Caesars' unaffected share price on 25 February 2026, the last trading day before deal rumours, and the buyer will assume about $11.9bn of debt. The Carano family will roll part of its roughly 5% holding into Fertitta Entertainment, and Caesars could solicit rival offers during a go-shop period to 11 July.
Regulatory approvals and timing
No superior proposal emerged during the go-shop. Caesars shareholders approved the merger on 22 September 2026, but the deal still needs sign-off from gaming regulators in every state where Caesars holds a licence. If it has not closed by 26 June 2027, holders receive an extra $0.00715 per share for each day of delay.
