Fertitta moves to buy Caesars Entertainment for $7 Billion
Billionaire businessman Tilman Fertitta (as depicted in the featured image) is in exclusive talks to acquire Caesars Entertainment in a deal that could value the casino giant at about $7 billion, according to people familiar with the talks.
The potential takeover is being explored through Fertitta Entertainment, the hospitality and gaming company controlled by Fertitta. Sources say the group has discussed paying roughly $34 per share for Caesars, a figure notably higher than the company’s recent trading price.
Shares in Caesars Entertainment closed at $26.01 on Tuesday, placing the company’s market value at just over $5 billion. Fertitta’s proposed price, therefore, represents a major premium, a common tactic used in takeover bids to convince shareholders to support a sale.
Deal not certain yet
Despite the negotiations, a deal is far from certain. People familiar with the situation say discussions are ongoing and could still fall apart before any formal agreement is reached.
Fertitta’s offer reportedly gained traction after surpassing a competing proposal from veteran activist investor Carl Icahn. His firm, Icahn Enterprises, had earlier tabled an all-cash bid of about $33 per share. While that offer was slightly lower, insiders say it has not been formally rejected by the Caesars board.
Fertitta is well known in the hospitality and gaming industries. His business interests include the Golden Nugget casino chain as well as Landry’s, a restaurant and entertainment group with dozens of brands. Outside the sector, he is also the owner of the NBA franchise Houston Rockets.
(Source: caesars.com)
Caesars Entertainment remains one of the largest casino operators in the United States, running more than 50 resorts and casinos. These operate under several established brands, including Caesars, Harrah’s, Eldorado, and Circus Circus.
Heavy debt and shares fall
However, the company’s financial position has been under scrutiny. The operator still carries heavy debt following the merger between Caesars and Eldorado Resorts in 2020. That deal created one of the largest gaming groups in the US but also left the combined company with tens of billions of dollars in obligations, including lease commitments tied to its casino properties.
One key player in this structure is Vici Properties, a real-estate investment trust formed during Caesars’ bankruptcy restructuring in 2017. Vici owns many of the casino buildings that Caesars operates, leasing them back to the company under long-term agreements.
Because of that arrangement, analysts had previously suggested any takeover or major restructuring might require Vici’s approval. Yet people familiar with the proposals say both Fertitta and Icahn have explored deal structures that could allow parts of Caesars’ business to be separated without needing the landlord’s consent.
Such arrangements could potentially allow a future buyer to split off segments of the company, including its digital betting and online gaming operations. The company’s current chief executive, Tom Reeg, is expected to remain involved regardless of which proposal eventually prevails.
Investor sentiment around casino operators has also weakened in recent months. Shares across the sector have fallen as markets digest new forms of competition, including prediction platforms such as Polymarket and Kalshi, which some analysts believe could challenge traditional sports betting models.
Caesars’ stock had already declined sharply over the past year before reports of takeover interest emerged. When the Financial Times revealed in February 2026 that Fertitta and others were exploring a deal, the company’s shares jumped nearly 19 percent in a single day. For now, the negotiations continue.
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