Casino mogul Tilman Fertitta has finalized an agreement to purchase Caesars Entertainment for more than $5.7 billion, a development that has the potential to reshape the Las Vegas Strip for many years ahead. Fertitta Entertainment, the company he leads, operates over 600 locations across 36 states and 15 countries, and will pay Caesars shareholders $31 per share in an all-cash deal. The total transaction value is approximately $17.6 billion, which includes around $11.9 billion of Caesars’ existing debt.
Fertitta, one of the wealthiest individuals globally, owns various assets, including restaurant chain Landry’s, the Golden Nugget casino, and the NBA’s Houston Rockets. After being appointed US Ambassador to Italy in April 2025, he stepped down as CEO of Landry's Inc.
Earlier reports indicated that Fertitta was negotiating a $7 billion acquisition of Caesars back in March, during which he overcame a competing bid from Carl Icahn’s investment firm.
At 9:45 ET, Caesars’ stock was trading near $29 per share in the morning session. Following the acquisition announcement, shares increased by 1.9%, rising to $29.33 in pre-market trading.
The transaction, as detailed by Caesars in a press release, is not contingent on financing. Fertitta Entertainment will finance the deal through a mix of equity, assumption of Caesars' debt, and committed debt financing arranged by a consortium of 10 banks.
Caesars’ board has approved the sale and advised shareholders to support the agreement. Key executives, including CEO Tom Reeg and CFO Bret Yunker, are expected to retain their positions after the transaction is finalized.
The Carano family took a minority stake in Caesars Entertainment in July 2020, after their company, Eldorado Resorts, acquired the casino giant for $17.3 billion. They hold approximately 5% of Caesars’ shares as of Thursday and have agreed to roll part of their stake into Fertitta’s business.
Fertitta also owns a vacant site on the Las Vegas Strip, approved for casino development, which he acquired for $270 million in 2022. Given his extensive casino holdings, the merger may attract antitrust scrutiny from the Federal Trade Commission. If successful, this deal could become one of the largest casino acquisitions in US history.
The agreement includes a “go-shop” period until July 11, allowing Caesars to consider other acquisition offers from third parties. Despite a nearly 75% decline in Caesars’ stock over the past five years, discussions with Fertitta have offered a boost, as shares were trading around $17 in February, prior to the negotiations.
