Fertitta to acquire Caesars Entertainment in $17.6B cash deal

Fertitta Entertainment agreed to acquire Caesars Entertainment (NASDAQ:CZR) in an all-cash transaction valued at approximately $17.6 billion, consolidating two major portfolios within the domestic hospitality and gaming industries.

Under the terms of the definitive agreement, Caesars shareholders will receive $31 in cash for each outstanding share.

The purchase price represents a 49% premium to the stock's unaffected closing price on February 25, 2026, the final trading session before market rumors of a potential transaction began to circulate.

The offer also reflects a 46% premium over the 30-day volume-weighted average price of Caesars stock leading up to that date.

The aggregate transaction value includes the assumption of approximately $11.9 billion of Caesars' outstanding debt, implying a net equity value of roughly $5.7 billion for the casino operator.

By absorbing the leverage, Fertitta gains direct control of a prominent gaming ecosystem that includes key Las Vegas Strip properties like Caesars Palace, Harrah's, and Planet Hollywood, alongside dozens of regional assets.

The transaction has been approved by the Caesars board of directors, which has recommended that shareholders adopt and approve the merger agreement.

The closing of the deal remains subject to the approval of Caesars shareholders and customary regulatory checkoffs from state gaming commissions.

The agreement contains a "go-shop" provision running through approximately July 11, 2026, allowing Caesars and its financial advisors to actively solicit alternative acquisition proposals from third parties.