Caesars Entertainment is weighing a $7bn takeover bid from Tilman Fertitta’s company, Fertitta Entertainment, barely edging out an all-cash offer from Carl Icahn’s firm which reportedly came out to $33 per share.
The updated proposal follows reports from February 27 which confirmed interest from both parties, as the operator has witnessed net losses in four consecutive quarters, most likely a factor of declining tourism in Las Vegas.
Fertitta originally approached Caesars about a merger between his Golden Nugget casino chain in 2018, while Icahn built a 9.78% stake in the operator during 2019 and pressured the company to sell entirely.
Reports regarding the new proposal stated an announcement from Caesars and Fertitta is not imminent, nor will talks necessarily result in a deal being reached. While Fertitta’s offer beats out Icahn Enterprises’ by $1 per share, Caesars has yet to officially reject the bid at the time of writing.
The per-share offer from Fertitta represents a near 17% upside on Caesars March 11 closing share price of $29.07. Caesars’ shares increased 11.8% on March 11, valuing the operator at a market capitalization of $5.78bn.
While Caesars reported a FY2025 net revenue increase of 2.4% to $11.5bn, the operator also witnessed a $502m net loss during the full-year period, as well as a 2.7% decrease in adjusted EBITDA to $3.6bn. The net loss for FY2025 represents an increase of 53% from the $278m loss reported during full-year 2024.
Caesars unveiled its first-ever retail sportsbook in Summerlin, Nevada on March 3, having originally announced plans for the new land-based facility in December 2025 following Rampart Casino’s property-wide rebrand
