Published on: February 26, 2026, 04:08h.
Updated on: February 26, 2026, 04:08h.
- Caesars stocks soared late Thursday as news emerged of multiple interested bidders
- The rumored buyers include Tilman Fertitta
- Other casino stocks in Las Vegas experienced gains due to this news
Following a late-day surge, Caesars Entertainment (NASDAQ: CZR) saw a remarkable 19.11% increase in shares today, with trading volume exceeding the daily average more than twice, fueled by reports of potential buyout offers.
The Financial Times reported that Caesars Entertainment, operator of Harrah’s, is considering multiple acquisition offers, one of which comes from Tilman Fertitta. Currently, Fertitta is serving as the U.S. ambassador to Italy, while his business, Fertitta Entertainment, which oversees Golden Nugget venues, is managed by his ex-wife and other trusted associates.
According to unnamed sources cited by The Financial Times, Caesars is also assessing the possibility of a management-led buyout. Other potential buyers beyond Fertitta have yet to be disclosed. Caesars stands out as the largest domestic casino operator by property count.
Should a deal cause Caesars to be acquired, it would be a landmark transaction in gaming history, given that the company’s market cap stood at $4.23 billion at the closing bell today while carrying $11.9 billion in debt at the end of 2025. The combined enterprise value exceeds $16.1 billion, meaning any buyer would likely have to propose a premium above this figure to initiate negotiations. The $17.3 billion acquisition by Eldorado Resorts in 2020, which led to the creation of “new Caesars,” remains one of the industry’s most significant takeovers.
Fertitta’s Interest in Caesars Represents a Shift
Though Fertitta has a longstanding interest in acquiring a Las Vegas Strip property, speculation surrounding his potential engagement with Caesars diverges from the more familiar rumors he’s been linked to in relation to his shares in Wynn Resorts (NASDAQ: WYNN).
As the largest stakeholder in Wynn, he has been frequently associated with takeover rumors regarding the company since he acquired a stake over three years ago. However, following his appointment as ambassador to Italy, it has been suggested that the possibility of him pursuing an outright acquisition of Wynn has diminished.
In light of Caesars’ impressive performance, Wynn stocks similarly saw a rise, closing up 2.48% today. Nonetheless, Wynn shareholders might view a Fertitta takeover of Caesars with skepticism, considering the potential need for him to divest his Wynn shares to finance the acquisition or possibly facing regulatory pressure to liquidate them if he proceeds with the Caesars deal.
Fertitta currently holds around 12% of Wynn’s shares, valued at over $1 billion based on the company’s market capitalization of $11.06 billion.
Potential Overhaul of Portfolios with a Caesars-Fertitta Combination
While the prospect remains speculative, the merging of Caesars and Fertitta could lead to a substantial restructuring of their combined portfolios due to significant overlap in geography. Both entities have gaming locations in Atlantic City, NJ, Lake Charles, LA, Lake Tahoe, NV, and Laughlin, NV.
If Fertitta successfully acquires Caesars, he would oversee four casinos on the Atlantic City Boardwalk and three in both Lake Tahoe and Laughlin—areas that might see asset sales.
It will also be intriguing to discover Fertitta’s approach towards Caesars Digital, which has been rumored for spinoff potential. Fertitta holds shares in DraftKings (NASDAQ: DKNG) through a previous arrangement with Golden Nugget Online Gaming (GNOG) following a $1.56 billion all-stock transaction that concluded in May 2022.