Caesars Entertainment has entered into a definitive agreement to be acquired by Fertitta Entertainment, Inc. in an all-cash transaction valued at approximately $17.6 billion, including the assumption of approximately $11.9 billion of Caesars’ outstanding debt. Under the terms of the agreement, Caesars shareholders will receive $31 in cash for each outstanding share, representing a 49% premium over the company’s unaffected share price as of February 25.
The deal will be financed through a combination of equity contributed by Fertitta Entertainment, assumed Caesars debt and new committed debt financing arranged by a group of 10 banks and is not subject to a financing condition. Upon completion, shares of Caesars Entertainment common stock will no longer be listed on NASDAQ.
Fertitta Entertainment brings a track record of integrating and growing hospitality and entertainment businesses. Caesars Entertainment CEO Tom Reeg, CFO Bret Yunker, president and COO Anthony Carano, as well as other members of the corporate management team and property-level management and personnel, are expected to remain in their roles and continue to lead the Caesars Entertainment operations at the combined company.
The combined company will offer guests a broad array of destinations and experiences, all connected by the Caesars Rewards loyalty network. Guests will have 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.
Fertitta Entertainment, Inc. is the holding company of Tilman Fertitta, an American businessman and current US ambassador to Italy, and Paige Fertitta, his ex-wife, which includes all of the equity in Fertitta Entertainment, LLC, Golden Nugget, LLC and Landry’s, LLC, hotels, real estate, and other investments, including the NBA’s Houston Rockets.
Golden Nugget/Landry’s is a multinational, diversified gaming, restaurant, hospitality and entertainment company based in Houston, Texas. The company’s hospitality divisions encompass two luxury hotel properties, Montage Laguna Beach Resort Hotel in California and The Post Oak Hotel at Uptown Houston, multiple four-star hotel properties, as well as River Oaks District, a luxury retail and mixed-use complex, including office space and upscale apartments in the center of Houston’s Uptown/River Oaks corridor.
The agreement includes a “go-shop” period through July 11, 2026, allowing Caesars and its advisors to solicit and consider alternative acquisition proposals from third parties. The transaction remains subject to shareholder and regulatory approvals.