Caesars Entertainment's definitive $17.6bn Fertitta Entertainment acquisition has advanced past the shareholder vote, with the majority of the operator's shareholders approving the deal.
Indeed, a meeting held yesterday saw holders of approximately 143,277,939 shares of Caesars common stock present either in person in Reno, Nevada – or by proxy – representing approximately 70.3% of the company's shareholders. A vote to approve or reject the Fertitta Entertainment acquisition offer was then held, with holders of 133,313,001 shares approving the deal, holders of 4,276,986 voting against the deal and holders of 5,687,952 abstaining.
As such, the votes cast in favor of the deal represented 65.4% of the company's overall 203,780,124 shares – allowing the deal to advance successfully through the shareholder voting phase. This meeting was previously confirmed last month following the Board's approval of the deal, with the Caesars Board of Directors stating it felt the merger was "fair" and "in the best interests" of the company's stakeholders.
Shareholders also approved the merger-related compensation proposal, with holders of 127,682,915 shares voting for, 9,485,566 voting against and 6,109,458 abstentions.
Under the terms of the merger agreement, each share of Caesars Entertainment will be converted into the right to receive $31 in cash, should shareholders choose to sell. Now, the merger is set to advance toward regulatory clearance and closing legal mechanics before being finalized.
Caesars Entertainment is built on a history of large-scale acquisitions, with this deal coming six years after the operator's $17.3bn acquisition by Eldorado Resorts in 2020. It has, indeed, already been confirmed that Caesars' current senior leadership team will remain in place under Fertitta's ownership once this latest M&A is completed.
Currently, the merger is expected to close by June 26, 2027, with shareholders set to receive a small addition per share for every day the deal remains unclosed following that date
