Caesars Entertainment has agreed to be acquired by Fertitta Entertainment in an all-cash transaction valued at about $17.6 billion, including roughly $11.9 billion of Caesars debt.
Under the deal, Caesars shareholders will get $31.00 in cash for each share. That price is 49% above Caesars’ unaffected share price on Feb. 25, 2026, and 46% above the unaffected 30-day volume-weighted average price on that date.
The Caesars board approved the transaction and is recommending that shareholders vote in favor. The agreement includes a go-shop period through July 11, 2026, during which Caesars can seek other bids.
The combined company would bring together 60 casino resorts and gaming facilities, Caesars’ digital betting business, retail sports betting at more than 200 third-party locations under the William Hill brand, and more than 600 Fertitta Entertainment outlets, including Landry’s restaurants and amusement, entertainment and aquarium venues.
The deal is not subject to a financing condition. It will be funded with equity from Fertitta Entertainment, assumed Caesars debt and new committed debt financing arranged by 10 banks.
Caesars said its chief executive Tom Reeg, chief financial officer Bret Yunker and president and chief operating officer Anthony Carano are expected to remain in their roles after the transaction closes. The Carano family, which owns about 5% of Caesars’ outstanding common stock, has agreed to roll a portion of its equity into Fertitta Entertainment.
If completed, Caesars’ shares will be delisted from Nasdaq. Following these announcements, the company's shares moved 1.32%, and are now trading at a price of $28.755. Check out the company's full 8-K submission here.
