By The Wall Street Journal
In one of the largest gaming and hospitality transactions in Nevada history, Caesars Entertainment announced this morning that it has entered into a definitive agreement to be acquired by Tilman Fertitta’s Fertitta Entertainment in an all-cash deal.
The transaction is valued at approximately $17.6 billion, including the assumption of roughly $11.9 billion of Caesars’ outstanding debt. Under the terms of the agreement, Caesars shareholders will receive $31.00 in cash for each outstanding share — a 49% premium over the company’s unaffected share price as of February 25, 2026, the last trading day before rumors of a potential transaction emerged. Las Vegas Real Estate
The Caesars Board of Directors unanimously approved the transaction and is recommending that shareholders adopt and approve the merger agreement, with the board determining that the immediate cash premium offered is compelling for shareholders. 8 News Now
Caesars is one of the two largest operators on the Las Vegas Strip, running eight properties along the corridor. Those properties are anchored by Caesars Palace and also include Flamingo Las Vegas, Harrah’s Las Vegas, Horseshoe Las Vegas, The LINQ, Paris Las Vegas, Planet Hollywood, and Vanderpump Hotel — the former Cromwell. Review Journal
Fertitta is a Houston-based billionaire best known as the chairman, CEO, and sole owner of Landry’s Inc., one of the largest restaurant and hospitality conglomerates in the United States, as well as the owner of the Golden Nugget casinos and the NBA’s Houston Rockets. He is also widely recognized from the CNBC reality series “Billion Dollar Buyer.” Review Journal
The proposed acquisition would combine two major names in hospitality, gaming, and dining. Fertitta Entertainment owns the Golden Nugget Hotels and Casinos and Landry’s, which operates more than 450 full-service restaurants across the country. PR Newswire
The transaction is not subject to a financing condition and would 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. PR Newswire
The Carano family, which owns approximately 5% of Caesars Entertainment common stock, has agreed to roll a portion of their equity interests into Fertitta Entertainment. Upon completion of the transaction, shares of Caesars Entertainment common stock will no longer be listed on NASDAQ. Review Journal
The agreement includes a go-shop period through July 11, 2026, during which Caesars and its financial and legal advisors may solicit, consider, and negotiate alternative acquisition proposals from third parties. The deal still requires approval from Caesars shareholders and regulatory sign-off before it can close. Review Journal
Sources: Caesars Entertainment press release, Las Vegas Sun, Wall Street Journal, May 28, 2026.