LAS VEGAS—Caesars Entertainment has agreed to be acquired by Fertitta Entertainment in an all-cash transaction valued at approximately $17.6 billion, including the assumption of approximately $11.9 billion in debt.
Under the agreement, Caesars shareholders will receive $31 per share in cash, representing a 49% premium to the company’s unaffected share price on Feb. 25, 2026, and a 46% premium to its unaffected 30-day volume-weighted average price as of the same date.
The board of directors of Caesars Entertainment unanimously approved the transaction and recommended that shareholders vote in favor of the merger. The company said the board determined that the cash offer provides compelling value for shareholders after consulting with financial and legal advisers.
The deal would combine one of the nation’s largest casino operators with Fertitta Entertainment’s portfolio of gaming, restaurant, and hospitality businesses. The combined company would include 60 casino resorts and gaming facilities, Caesars’ online gaming and sports betting operations, more than 200 retail sports betting locations under the William Hill brand, and more than 600 Fertitta Entertainment venues, including Landry’s restaurants and entertainment attractions.
Caesars Entertainment’s current leadership team is expected to remain in place following the transaction. CEO Tom Reeg, CFO Bret Yunker, and president and COO Anthony Carano are expected to continue leading Caesars Entertainment’s operations within the combined company.
The transaction is not subject to a financing condition. Fertitta Entertainment plans to fund the acquisition through a combination of equity contributions, assumed Caesars Entertainment debt, and committed debt financing arranged by a syndicate of 10 banks.
The deal remains subject to approval by Caesars Entertainment shareholders and customary regulatory approvals and closing conditions.
The Carano family, which owns approximately 5% of Caesars’ outstanding common stock, has agreed to roll over a portion of its equity stake into Fertitta Entertainment as part of the transaction.
The merger agreement includes a “go-shop” period through July 11, 2026, during which Caesars Entertainment and its advisers may solicit and evaluate alternative acquisition proposals. The company said its board retains the right to terminate the agreement in favor of a superior proposal, subject to the terms of the merger agreement.
If completed, Caesars Entertainment shares will cease trading on the Nasdaq stock exchange.
Caesars Entertainment, based in Las Vegas and Reno, Nev., operates casino resorts under brands including Caesars, Harrah’s, Horseshoe, and Eldorado.
Fertitta Entertainment, the holding company of billionaire businessman Tilman Fertitta and Paige Fertitta, owns Golden Nugget casinos, Landry’s restaurant brands, hospitality properties, and entertainment venues across the United States.
