Fertitta Entertainment entered a definitive agreement to acquire Caesars Entertainment
“Fertitta Entertainment is expected to acquire Caesars in a deal valued at $17.6 billion, but under a “go-shop” stipulation, the Las Vegas resort operator could pursue even better offers. On Thursday, news broke that Fertitta Entertainment entered a definitive agreement to acquire Caesars Entertainment — a deal that has long been rumored to be in the works.
Fertitta is expected to acquire Caesars in a transaction valued at $17.6 billion, with Fertitta paying roughly $5.7 billion in addition to assuming approximately $11.9 billion of Caesars’ outstanding debt, according to a Caesars release published Thursday.
Caesars’ board of directors approved the transaction and called on company shareholders to “adopt and approve the merger agreement,” which would return $31 in cash for each outstanding Caesars share to their pockets.
Beyond shareholder returns, the combination is set to “position Caesars to continue executing on the strategy that has made it the leading casino-entertainment company in the United States,” per the company. Below, Hotel Dive takes a closer look at the deal and its likelihood of closing.
While Fertitta Entertainment offers a strong proposition, Caesars has the option to seek other bids through July 11 through a “go-shop” stipulation in the pair’s agreement. Through that period, Caesars can solicit, consider and negotiate alternative acquisition proposals from third parties, according to the company’s release. And Caesars’ board maintains the right to terminate the agreement with Fertitta to enter into an alternative transaction that provides better terms, prior to a vote by the company’s shareholders.
Ketcham speculates that Caesars’ shareholder and billionaire businessman Carl Icahn may be “planning to make some noise in the next 45-day period,” after showing previous intent to acquire Caesars earlier this year. In March, The Wall Street Journal reported that Caesars had received an all-cash offer of roughly $33 a share from Icahn Enterprises around the same time it received a bid from Fertitta Entertainment. “ - Jenna Graber Senior Reporter
My personal opinion this brand is a bit too much & becoming outdated, But this is monopoly at large for sure: combining sports entertainment with Tv and stage. Interesting strategy, very much Like gladiators owners match. I bough this team and I bought this team. I wonder how people, who are “the team” feel about being … purchased and re-sold? I am not sure I would want to be a part of that. I guess they used to it.
“Icahn Enterprises L.P.is a diversified holding company engaged in seven primary business segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma. Icahn Enterprises L.P. is a Delaware master limited partnership.” according to their site.
“Fertitta Entertainmentis an American conglomerate and holding company that holds companies and investments owned by Tilman Fertitta. These include Landry's, Inc., the Houston Rockets, and the Golden Nugget[3] casinos. Within the portfolio are many luxury hotels and well known restaurant brands such as Rainforest Café, Del Frisco's, Bubba Gump Shrimp Company, Morton's The Steakhouse, among others. Additionally, the company is the largest shareholder of food delivery app ASAP.
Primary portfolio:
Landry's, Inc. (60%)
Houston Rockets (100%)
Golden Nugget Online (60%)
Waitr ” - according to wikipedia.
Fertitta Entertainment does not have a stock symbol because it is a private company.
The company previously attempted to go public via a SPAC merger with FAST Acquisition Corp. (ticker: FST), but that transaction was mutually terminated in December 2021.
Consequently, Fertitta Entertainment shares are not listed on any public exchange and cannot be traded by the general public.
Caesars Entertainment, Inc., formerly Eldorado Resorts, Inc., is an American hotel and casino entertainment company founded and based in Reno, Nevada, that operates more than 50 properties. The company was formed in July 2020 when Eldorado Resorts acquired Caesars Entertainment Corporation for approximately $8.5 billion in cash and stock, subsequently changing its name. Key leadership includes Gary Carano as Executive Chairman, Thomas Reeg as CEO, and Anthony Carano as President and COO. Caesars also owns Caesars Sportsbook, following its $3.7 billion acquisition of William Hill in 2021. In August 2024, Caesars sold the World Series of Poker brand to NSUS Group for $500 million while retaining rights to host the flagship tournament in Las Vegas for 20 years. The company employs approximately 50,000 people and has a market capitalization of roughly $5.66 billion as of mid-2025. The Caesars Entertainment corporate legacy began in 1937 when Bill Harrah opened Harrah’s Bingo Club, a modest establishment in Reno, Nevada.
