Houston Billionaire Strikes $17.6B Deal to buy Caesars Entertainment

Tilman Fertitta is making one of the biggest power moves in the casino and hospitality world after announcing plans to acquire Caesars Entertainment in a deal valued at approximately $17.6 billion. The proposed acquisition would dramatically reshape the gaming industry by combining two major hospitality giants under one umbrella.

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According to the announcement made Thursday (May 28), Fertitta Entertainment entered into a definitive agreement to acquire Caesars Entertainment in an all cash transaction that also includes the assumption of roughly $11.9 billion in Caesars’ outstanding debt. Under the agreement, Caesars shareholders would receive $31 in cash for each outstanding share, representing a significant premium above the company’s previous stock price averages.

The merger would unite Caesars’ massive Las Vegas presence with Fertitta Entertainment’s expansive hospitality empire. Caesars currently operates several iconic Las Vegas Strip properties including Caesars Palace, Harrah’s, Paris Las Vegas, Planet Hollywood, Flamingo, Horseshoe and The LINQ Hotel. Fertitta Entertainment, meanwhile, owns Golden Nugget Hotels & Casinos along with Landry’s, which operates more than 450 restaurants nationwide.

If approved, the combined company would include 60 casino resorts and gaming facilities across the country along with major online gaming platforms featuring sports betting, poker and iCasino operations. The deal would also merge Caesars Rewards, Golden Nugget’s 24 Karat Select Club and Landry’s Select Club into one large loyalty and hospitality network. Company leaders said current leadership teams are expected to remain in place and continue overseeing day to day operations after the merger.

Fertitta Entertainment stated the acquisition is not subject to financing conditions and will be funded through a mix of company equity, assumed Caesars debt and financing commitments from a group of 10 banks. The deal still requires approval from Caesars shareholders and gaming regulators before officially closing, but if finalized, it would mark one of the largest hospitality and gaming acquisitions in recent years.