Fertitta Entertainment Acquires Caesars Entertainment for $17.6 Billion

Caesars Entertainment, Inc. (CZR) entered a merger agreement on May 28, 2026, to be acquired by Fertitta Entertainment, Inc. in a deal valued at $17.6 billion.

Deal Structure:

Caesars’ shareholders will receive $31 in cash for each outstanding Caesars’ share, representing a premium of 7.71% from the stock’s last close.

Company Profile:

Caesars Entertainment is a U.S.-based gaming and hospitality company that owns and operates casinos, hotels, entertainment venues, restaurants, and online sports betting and iGaming platforms across multiple states. The company operates under brands including Caesars, Harrah’s, Horseshoe, and Eldorado.

Fertitta Entertainment is Tilman Fertitta’s holding company with operations across gaming, restaurants, hospitality, entertainment, and real estate. The company owns Golden Nugget casinos, Landry’s restaurant brands, hotels, entertainment venues, and other investments, including the Houston Rockets.

Deal Details and Timeline:

In February, the Financial Times reported that Caesars Entertainment was weighing takeover offers, including a bid from Texas gaming and hospitality billionaire Tilman Fertitta. The stock was trading at $20.77 when it was revealed that Caesars was also considering a possible management-led buyout.

Caesars Entertainment Chief Executive Officer Tom Reeg, Chief Financial Officer Bret Yunker, and Chief Operating Officer Anthony Carano, along with other members of the corporate and property-level management teams, are expected to remain in their current roles and continue leading Caesars Entertainment operations following the completion of the transaction.

On a combined basis, guests will have access to a wide range of entertainment and gaming options, including 60 casino resorts and gaming properties, online gaming services such as sports betting, iCasino, and poker through Caesars’ digital platform, and retail sports betting at more than 200 locations under the William Hill brand.

Customers will also benefit from access to over 600 Fertitta Entertainment venues, including Landry’s restaurants, as well as various amusement, entertainment, and aquarium attractions.

The deal will be funded through a combination of equity contributed by Fertitta, the assumption of Caesars’ existing debt, and newly committed debt financing provided by a consortium of 10 banks.

The Carano family, which owns roughly 5% of the outstanding shares of Caesars common stock, has agreed to roll a portion of their equity interests into Fertitta.

The agreement includes a “go-shop” period through July 11, 2026.

The merger is expected to be completed in 2027.

Caesars received financial advisory services from PJT Partners and legal counsel from Latham & Watkins and Skadden Arps Slate Meagher & Flom. Meanwhile, Fertitta was advised financially by Morgan Stanley and Goldman Sachs, and legally by White & Case.

Fertitta is paying 8.93 times EBITDA for the acquisition of Caesars.

Deal Metrics:

For an in-depth analysis of this M&A transaction, please visit the Deal Metrics page here:

Deal Metrics for Fertitta Entertainment’s Acquisition of Caesars Entertainment, Inc (CZR)

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Editor’s Note: Baranjot Kaur contributed to this article