Casino giant Caesars Entertainment is set to be sold to Trump ally and hospitality billionaire Tilman Fertitta’s firm for $17.6 billion.
The all-cash transaction includes the assumption of approximately $11.9 billion of Caesars’ outstanding debt, the company said in a press release.
Shares of the casino increased 1.6% in morning trading, as per Reuters. The stock has jumped almost 16% since the deal was first reported in February.
Under the terms of the deal, Caesars shareholders will receive $31 in cash for each outstanding stock. The amount represents a 49% premium over the casino operator’s unaffected share price as of February 25, 2026.
“The Board of Directors of Caesars Entertainment has approved the transaction and recommends that Caesars shareholders adopt and approve the merger agreement,” the release stated.
In 2020, Caesars merged with rival Eldorado Resorts to form one of the biggest casino and entertainment firms in the US. It owns, leases or manages 52 domestic properties in 18 states. Its properties in Las Vegas include the Caesars Palace, Planet Hollywood, The Flamingo and the Horseshoe.
The company has 51,400 slot machines, video lottery terminals and e-tables, 45,600 hotel rooms and about 2,700 table games, as per a public filing.
The casino operator faces mounting pressure as fewer visitors to Las Vegas, which form its core market, have reduced revenue at resorts, hotels and casinos. The company’s online betting arm is facing growing competition from prediction markets and larger rivals like FanDuel and DraftKings. Record-low consumer sentiment and job market concerns have also impacted earnings.
For Tilman Fertitta, the agreement marks the culmination of a years-long pursuit, Axios reported. Fertitta is the current US ambassador to Italy as well as the owner of entertainment firm Landry’s. He also owns the NBA team Houston Rockets.
His company, Fertitta Entertainment owns the Golden Nugget Hotel and Casinos as well as over 600 properties in 15 countries through its restaurant and hospitality arm.
Caesars’ top executives, such as CFO Bret Yunker and CEO Tom Reeg, are expected to stay on. The deal includes a “go-shop” period till July 11, allowing the company to weigh alternative proposals.
However, Macquarie analyst Chad Beynon told Reuters that the likelihood of a competing bid was low, citing a robust premium, regulatory complexity and deal size.
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