Fertitta Entertainment announced a $17.6 billion deal to acquire Caesars Entertainment and combine major casino and hospitality brands.
HOUSTON — Houston billionaire Tilman Fertitta’s company is making a major move in the casino and hospitality industry, announcing a deal to acquire Caesars Entertainment in a transaction valued at approximately $17.6 billion.
Fertitta Entertainment announced Thursday that it has entered into a definitive agreement to acquire Caesars Entertainment in an all-cash deal that also includes the assumption of about $11.9 billion in Caesars’ outstanding debt.
Under the agreement, Caesars shareholders would receive $31 in cash for each outstanding share. Fertitta Entertainment said that represents a 49% premium over Caesars’ unaffected share price as of Feb. 25, 2026, and a 46% premium over the company’s unaffected 30-day volume-weighted average price as of the same date.
The proposed acquisition would combine two major names in hospitality, gaming and dining.
Caesars operates several major Las Vegas Strip properties, including Caesars Palace, Harrah’s, Paris Las Vegas, Planet Hollywood, Horseshoe, The LINQ Hotel, Flamingo and The Cromwell.
Fertitta Entertainment owns Golden Nugget Hotels & Casinos and Landry’s, which operates more than 450 full-service restaurants across the country.
According to the announcement, the combined company would include:
- 60 domestic casino resorts and gaming facilities
- Online gaming platforms including sports betting, iCasino and poker
- More than 200 retail sports betting locations through the William Hill brand
- More than 550 Fertitta Entertainment outlets nationwide
The companies also said the merger would combine Caesars Rewards, Golden Nugget’s 24 Karat Select Club and Landry’s Select Club into what Fertitta Entertainment described as a larger hospitality and loyalty ecosystem.
“The leadership teams of both companies are all expected to remain in their current roles and continue to lead the combined companies’ operations,” the company said in the announcement.
Fertitta Entertainment said the transaction is not subject to a financing condition. The deal 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.
The acquisition still requires approval from Caesars Entertainment shareholders and regulatory approvals before it can close.
If completed, Caesars Entertainment stock would no longer trade on the NASDAQ exchange.
The agreement also includes a “go-shop” period through approximately July 11, 2026, allowing Caesars and its advisers to solicit and consider alternative acquisition proposals from third parties.
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