Caesars extends negotiation period for potential $18bn takeover by Tilman Fertitta

Caesars Entertainment has extended the exclusive negotiation window for a potential $18bn takeover proposal by Tilman Fertitta, which includes $2-3bn in equity, $4-5bn in new borrowing against the operator’s assets and the assumption of $11bn in debt. 

Fertitta serves as the Owner of Fertitta Entertainment, which oversees businesses such as Landry’s and Golden Nugget Hotel and Casinos. The billionaire first approached Caesars in 2018 about a potential merger and originally submitted his new proposal on March 12. 

The updated proposal followed reports from February 27 which confirmed interest from Fertitta Entertainment and Icahn Enterprises, as the operator has witnessed net losses in four consecutive quarters, most likely a factor of declining tourism in Las Vegas.

If sold to Fertitta, Caesars would be combined with Fertitta Entertainment’s existing businesses to form a larger casino entity. Fertitta currently manages over 600 properties across 15 countries and also owns the Houston Rockets NBA franchise. 

Prior to reports of Fertitta’s potential takeover surfacing, Caesars’ shares had fallen by approximately 40% since the beginning of 2025. 

Once the news became public, however, Caesars’s per share price increased 2.1% to $27.80 on April 21, and managed to reach $29.07 when Fertitta originally submitted his proposal during March. 

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.

Fertitta’s $18bn proposal would value the operator at $32 per share, barely edging out Icahn Enterprises which built a 9.78% stake in Caesars during 2019 and eventually pressured the company to sell entirely.