Tilman Fertitta's company to buy Caesars Entertainment in $17.6 billion deal

Caesars shareholders will receive $31.00 a share in cash, a 49% premium to the unaffected share price as of Feb. 25, 2026. Caesars’ board unanimously approved the transaction and said it will recommend that shareholders do the same. The company also opened a go-shop period through July 11, 2026, giving it time to solicit and consider other proposals. Caesars shares rose in early trading after the announcement, and the stock had already climbed sharply since the deal first surfaced earlier this year.

The transaction lands on a company that has been under pressure on several fronts. Las Vegas, Caesars’ most important market, has been softening, with visitation falling 7.5% in 2025 to 38.5 million people. Caesars reported first-quarter 2026 net revenues of $2.9 billion, Caesars Digital revenue of $374 million and adjusted EBITDA of $69 million, while its Las Vegas segment showed sequential improvement and hotel occupancy reached 95.3%. Caesars Digital also posted a quarterly adjusted EBITDA record of $85 million in the fourth quarter of 2025, but the online business still trails larger rivals such as FanDuel and DraftKings and faces added competition from prediction markets.

For Fertitta, the prize is reach. He already controls Fertitta Entertainment, Landry’s, Golden Nugget Hotel and Casinos and the NBA’s Houston Rockets, and his restaurant and hospitality businesses span more than 600 properties across 15 countries. Adding Caesars would deepen his grip on gaming, hotels, restaurants and sports, and give him one of the most recognizable casino brands in the country, along with a much larger digital platform. It would also put him in charge of a business that runs more than 50 casinos across North America under the Caesars, Harrah’s, Horseshoe and Eldorado banners.