Fertitta Entertainment plans to buy Caesars Entertainment in an all-cash agreement valued at roughly $17.6 billion, including the assumption of nearly $11.9 billion in debt, the companies said Thursday (May 28).
Under the proposed deal, Caesars shareholders would receive $31 in cash for every outstanding share they own. Company executives said that price represents a sizable premium compared with Caesars’ unaffected share price and 30-day average trading levels recorded in late February.
NEW: Caesars Entertainment enters into an agreement to be acquired by Fertitta Entertainment in $17.6B transaction @RWW pic.twitter.com/7ixpGcKy3W
— Suswati Basu (@suswatibasu) May 28, 2026Caesars’ board unanimously approved the agreement and is urging shareholders to support the transaction. Directors said the immediate cash value offered to investors made the proposal attractive as the company continues navigating uneven gaming demand and intense online betting competition.
If completed, the merger would combine Caesars’ casino resorts, digital gaming brands and loyalty network with Fertitta Entertainment’s Golden Nugget casinos and Landry’s hospitality operations. The combined portfolio would span 60 casino resorts and gaming properties across the United States.
The companies also said the merged business would include sports betting, online casino gaming and poker operations, along with retail sportsbooks at more than 200 third-party locations operating through the William Hill brand. Fertitta Entertainment would also contribute more than 550 restaurant and hospitality venues, including over 450 Landry’s full-service restaurants.
Fertitta says that Caesars Entertainment’s loyalty programs become central focus
Executives said the transaction would significantly increase customer rewards offerings by linking Caesars Rewards with Golden Nugget’s 24 Karat Select Club and Landry’s Select Club. The companies believe the combined loyalty network could help drive repeat visitation across casinos, restaurants, hotels and entertainment venues.
Caesars Chief Executive Officer Tom Reeg is expected to remain in his current role after the acquisition closes. Chief Financial Officer Bret Yunker and President and Chief Operating Officer Anthony Carano are also expected to stay in place.
The companies said the agreement does not include a financing condition. Fertitta Entertainment plans to fund the transaction through a mix of contributed equity, assumed Caesars debt and newly committed financing backed by a consortium of 10 banks.
The deal still requires shareholder approval and multiple regulatory clearances. Caesars shares would stop trading on Nasdaq once the acquisition is finalized. The agreement also contains a go-shop period running through July 11, allowing Caesars and its advisers to solicit and negotiate competing bids from other interested parties.
Caesars has faced mounting pressure in recent quarters as weaker Las Vegas visitation weighed on casino and hotel revenue. The company’s third-quarter results previously reflected softer demand on the Strip and continued challenges competing against larger online betting rivals such as FanDuel and DraftKings.
Industry consolidation has remained a major trend across gaming and sports entertainment. Separate reports this year also drawn attention to growing financial strain on several operators, including discussions surrounding potential franchise relocations and ownership restructuring elsewhere in the broader gaming and sports business landscape.
Featured image: Photo by Jon Sullivan on Pixnio / Fertitta Entertainment
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