Fertitta Entertainment has agreed a $31-per-share deal to acquire Caesars Entertainment in an all-cash transaction valuing the Las Vegas giant at $17.6bn.
The valuation includes $11.9bn of Caesars’ outstanding debt, while the $31-per-share offer represents a 49% premium on the operator’s share price as of 25 February.
The Caesars board has approved the deal and recommended to shareholders to back the proposal.
The deal remains subject to that shareholder backing and various customary closing conditions, including regulatory approvals.
The transaction does include a so-called “go-shop” period until 11 July, during which timeframe Caesars can seek alternative acquisition deals.
The Fertitta offer, which was first reported in February, will see Caesars taken private and no longer listed on the Nasdaq under the ticker symbol CZR.
Financing for the deal will consist of a combination of Fertitta equity, assumed Caesars’ debt and new committed debt financing by 10 banks.
A Caesars statement read: “Fertitta Entertainment brings a proven operating model with a track record of successfully integrating and growing leading hospitality and entertainment businesses.
“The transaction positions Caesars to continue executing on the strategy that has made it the leading casino-entertainment company in the US.”
Following the closure of the deal, Caesars CEO Tom Reeg and a host of other top execs are expected to remain in their posts.
Those include CFO Bret Yunker, COO Anthony Carano and other “corporate management team and property-level management and personnel”.
The deal will see Fertitta take on the Caesars land-based empire, as well as its online sports betting and igaming brand, Caesars Digital.
Reeg had previously suggested the digital arm could be spun off as its own listed entity.
PJT Partners is serving as Caesars’ financial adviser and Latham & Watkins has been hired as legal counsel.
Morgan Stanley and Goldman Sachs are serving as Fertitta’s financial advisers, while White & Case are providing legal services.
Fertitta Entertainment is owned by billionaire Tilman Fertitta, who owns the Golden Nugget land-based casino empire, NBA franchise the Houston Rockets and is the largest shareholder in Wynn Resorts.
Fertitta also currently serves as the US ambassador to Italy and San Marino, a position he was appointed to in May 2025.
Caesars run more than 50-land based casinos in the US and its online brands: Caesars Sportsbook, Caesars Palace Online Casino and Horseshoe Online Casino.
The post Fertitta Entertainment agrees $17.6bn takeover deal with Caesars first appeared on EGR Intel.
Transaction involving Las Vegas giant is worth $31 per share, with deal subject to shareholder and regulatory approvals
The post Fertitta Entertainment agrees $17.6bn takeover deal with Caesars first appeared on EGR Intel.