Caesars Entertainment has entered into a definitive agreement to be acquired by Fertitta Entertainment in an all-cash transaction valued at around $17.6bn.
Specifically, this overall transaction figure is comprised of an $11.9bn assumption of Caesars' total debts, alongside a $5.7bn acquisition fee. This tops the bid previously entered by Icahn Enterprises.
The Caesars Entertainment Board of Directors has approved the transaction and recommends that affected shareholders approve the merger agreement. Tilman Fertitta originally approached Caesars in 2018 about a potential merger, then submitted a fresh proposal earlier this year.
Shareholders are set to receive $31 in cash per outstanding share, which is 49% premium over unaffected share prices as of 25 February 2026.
As stated in the press release revealing this update, the pair outlined: “The combination of Caesars and Fertitta Entertainment brings together two iconic and highly complementary platforms to create a dynamic suite of gaming, entertainment, and restaurant brands.
“The combined company will offer guests an even broader array of destinations and experiences, all connected by the Caesars Rewards loyalty network.
“On a combined basis, guests will enjoy access to an expansive suite of diversified offerings – 60 casino resorts and gaming facilities, online gaming including sports betting, iCasino, and Poker through Caesars’ leading digital platform, retail sports betting at over 200 third-party locations through the William Hill brand, and over 600 Fertitta Entertainment outlets, including Landry’s full-service restaurants, plus multiple amusement, entertainment and aquarium venues.”
Tom Reeg, Caesars CEO; Bret Yunker, CFO; Anthony Carano, COO and President, as well as other members, are expected to remain in their roles and continue leading company operations under the new business model.
Fertitta explained that it will finance the transaction through a combination of equity contributed by Fertitta Entertainment and new committed debt financing arranged by a group consisting of 10 banks. Further, all Caesars Entertainment shareholders must approve the sale - with the Carano Family having already agreed to roll over a segment of its equity interests from its 5% Caesars stake into Fertitta Entertainment.
The agreement includes a “go-shop” period through 11 July 2026, where Caesars and its financial and legal advisors can negotiate alternative acquisition proposals from other companies
