Fertitta Entertainment to buy Caesars for $17.6bn ($31/share) in largest US casino acquisition

Fertitta Entertainment, controlled by billionaire Tilman Fertitta, agreed to acquire Caesars Entertainment in an all-cash transaction valued at approximately $17.6 billion, including assumption of about $11.9 billion of Caesars debt. Caesars shareholders would receive $31.00 per share in cash, a 49% premium to the unaffected share price as of February 25, 2026 (and a 46% premium to the 30-day VWAP as of that date). The Caesars board unanimously approved the deal and recommended shareholders vote in favor. The agreement includes a go-shop period running through approximately July 11, 2026, during which Caesars and its advisors may solicit and evaluate alternative proposals.

Financing combines Fertitta equity, assumed Caesars debt and new committed debt from a consortium of about 10 banks, with no financing condition. The Carano family, which owns roughly 5% of Caesars (a stake originating from Eldorado Resorts' 2020 acquisition of Caesars), agreed to roll a portion of its equity into Fertitta Entertainment. Advisers: Morgan Stanley and Goldman Sachs for Fertitta; PJT Partners for Caesars; White & Case (Fertitta legal), Latham & Watkins and Skadden (Caesars, including antitrust). Multiple outlets characterized it as the largest casino acquisition in US history, consolidating Las Vegas Strip and regional gaming assets under Fertitta, who already owns the Golden Nugget casinos and the NBA's Houston Rockets.

Completion is subject to shareholder and regulatory (including antitrust) approvals. NOTE: one trade outlet (iGaming Business) headline cited a $5.7bn figure, which refers to equity value/components rather than the ~$17.6bn enterprise figure in the companies' own releases.