Fertitta Entertainment Buying Caesars At $31 A Share

Fertitta Entertainment is making a $17.6 billion bid to expand its gaming empire, agreeing to acquire Caesars Entertainment in an all-cash deal announced Thursday that would take the casino giant private.

A completed transaction would combine Caesars’ casino and digital gaming operations with Fertitta’s network of casinos, restaurants and resorts, including Golden Nugget and Landry’s. The agreement includes assuming $11.9 billion in debt.  

Caesars’ senior leadership, including CEO Tom Reeg, is expected to remain in place and continue leading Caesars operations within the combined company.

Caesars’ stock price closed up 1% at $29.09 Thursday on nearly 96 million in trading volume. Its previous high for the past 30 days was 7.7 million.

Caesars valued at $31 per share

Caesars shareholders would receive $31 in cash for each outstanding share, a 49% premium to Caesars’ last share price before rumors about the transaction were first reported in February. 

The transaction is expected to be funded through a combination of equity from Fertitta Entertainment and new committed debt financing arranged by 10 banks. If completed, Caesars would no longer trade publicly. 

The board of directors approved the agreement and recommended that shareholders vote in favor of it, though the transaction still requires approval from shareholders and regulators.

Caesars may solicit and negotiate alternative acquisition proposals during a “go-shop” period that runs through July 11.

Around 60 casinos combined

The combined company would include 60 casino resorts and gaming facilities, Caesars’ digital sports betting, online casino and poker platforms, retail sports betting at more than 200 third-party locations through the William Hill brand, and more than 550 Fertitta Entertainment outlets, including more than 450 Landry’s restaurants.

That 60 casinos is not guaranteed, though, as some casinos owned in the same markets may need to be sold to get approval.

Fertitta Entertainment is the holding company for Tilman Fertitta and Paige Fertitta’s assets, including Golden Nugget, Landry’s, hotels, real estate and other investments, including the Houston Rockets. Tilman is currently the U.S. ambassador to Italy and San Marino and was a major donor to President Donald Trump’s 2024 campaign.

Fertitta Entertainment also recently acquired the WNBA’s Connecticut Sun, with the team set to relocate to Houston in 2027 to revive the historic Comets franchise. 

Owning those two teams could result in Caesars no longer offering markets on either team.