On Thursday, Caesars Entertainment declared that it has reached an agreement to be acquired by Fertitta Entertainment in a fully cash deal valued at approximately $17.6 billion, which includes the assumption of roughly $11.9 billion in debt, marking a significant shift for one of the largest gaming operators in the U.S. into private ownership.

According to the terms set forth in the agreement, Caesars shareholders will be entitled to receive $31 per share in cash, offering a substantial 49% premium compared to the company’s stock price before news of a potential deal emerged on February 25, 2026, the last trading day prior to the reports.

The board of directors at the Las Vegas-based casino operator unanimously endorsed the agreement and urged shareholders to support the merger.

Following an in-depth review, including consultations with external financial and legal advisors, the Board concluded that the immediate cash premium presented by this acquisition is highly advantageous for Caesars shareholders.

This acquisition enriches the hospitality portfolio of Tilman Fertitta, owner of Fertitta Entertainment, who also serves as the U.S. ambassador to Italy and San Marino, and holds ownership of the Houston Rockets and Golden Nugget Hotel and Casinos.

Fertitta had previously approached Caesars in 2018 regarding a potential merger with his gaming ventures.

The newly combined entity will consist of 60 casino resorts and gaming facilities, in addition to Caesars’ online gambling and sports betting operations, over 200 retail betting outlets under the William Hill branding, and more than 600 locations belonging to Fertitta Entertainment, comprising Landry’s restaurants and entertainment venues.

“The transaction positions Caesars to further implement the strategy that has solidified its status as the premier casino-entertainment enterprise in the United States,” stated the casino giant.

Caesars’ Chief Executive Officer Tom Reeg, Chief Financial Officer Bret Yunker, and President and Chief Operating Officer Anthony Carano are set to continue in their respective positions post-transaction completion.

This arrangement was not contingent on financing and will be supported by a mix of equity from Fertitta Entertainment, assumed Caesars debt, and new financing negotiated through a consortium of 10 banks.

The agreement includes a “go-shop” phase lasting until July 11, which enables Caesars to explore and discuss alternative acquisition offers.

Caesars was established through the 2020 merger with Eldorado Resorts, a deal that received backing from activist investor Carl Icahn.

Recent quarters have seen the company experiencing challenges due to declining visitor trends in Las Vegas, its primary market, and heightened competition in the online betting space from rivals like FanDuel and DraftKings, along with emerging prediction markets.