{"id":1004800490,"date":"2026-05-29T05:07:32","date_gmt":"2026-05-29T13:07:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004800490"},"modified":"2026-05-29T06:11:08","modified_gmt":"2026-05-29T14:11:08","slug":"fertitta-betting-on-caesars-in-5-7b-all-cash-acquisition","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/fertitta-betting-on-caesars-in-5-7b-all-cash-acquisition\/","title":{"rendered":"Fertitta Bets on Caesars With $5.7B Acquisition"},"content":{"rendered":"\n

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Caesars Entertainment owns nine properties in Las Vegas, including Caesars Palace.
 Image courtesy of Caesars Entertainment Inc.<\/em><\/figcaption><\/figure><\/div>\n\n\n

Fertitta Entertainment Inc. is expanding its global gaming and hospitality holdings with the acquisition of Caesars Entertainment Inc., in an all-cash transaction for $5.7 billion. The deal calls for Fertitta to assume approximately $11.9 billion of Caesars\u2019 outstanding debt, creating a total transaction value of about $17.6 billion.<\/p>\n\n\n\n

If approved, the transaction combines two iconic and complementary platforms to create a large suite of gaming<\/a>, entertainment, and restaurant brands. Caesars owns and operates 52 resorts and casinos across 18 U.S. states and Ontario, Canada, under the Caesars, Harrah\u2019s, Eldorado and Horseshoe brands, along with managing a retail and online sports-betting platform.<\/p>\n\n\n\n

The company has nine properties in Las Vegas, such as Caesars Palace, Planet Hollywood, Horseshoe Las Vegas and Harrah\u2019s Las Vegas, as well as Nevada assets in Lake Tahoe, Reno and Laughlin. Other major locations include New Orleans, and Atlantic City, N.J.<\/p>\n\n\n\n

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READ ALSO: <\/strong>How Global Investors Are Adjusting to Disruption<\/a><\/p>\n\n\n\n

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Houston-based Fertitta Entertainment owns more than 600 properties in 15 countries, including the Golden Nugget Hotel and Casino concept, with locations in Las Vegas, Lake Tahoe and Laughlin in Nevada, and Atlantic City, N.J., among others.<\/p>\n\n\n\n

Ferlitta\u2019s Landry\u2019s Inc. restaurant portfolio includes McCormick & Schmick\u2019s, Del Frisco\u2019s Double Eagle Steakhouse, Morton\u2019s The Steakhouse, Bubba Gump Shrimp Co. and Rainforest Caf\u00e9. It also owns luxury hotel properties, entertainment venues\u2014including the Denver Aquarium\u2014and River Oaks District<\/a>, a luxury retail and mixed-use complex in Houston.<\/p>\n\n\n\n

Fertitta Entertainment is billionaire Tilman Fertitta and former wife Paige Fertitta\u2019s holding company for substantially all their assets, including the NBA\u2019s Houston Rockets. Tilman Fertitta is also currently serving as the U.S. ambassador to Italy and San Marino.<\/p>\n\n\n\n

Once the deal closes, Fertitta Entertainment will take Caesars private. The company currently trades on Nasdaq.<\/p>\n\n\n\n

Leadership team to stay<\/h2>\n\n\n\n

The planned acquisition by Fertitta Entertainment comes nearly six years after Caesars Entertainment Corp. and Eldorado Resorts Inc. completed a $17.3 billion merger. At the time, Tom Reeg, CEO of Caesars and the former Eldorado CEO, called that transaction a transformative merger.<\/p>\n\n\n\n

Reeg and other top corporate management and property management executives\u2014including CFO Bret Yunker and Anthony Carano, president and chief operating officer\u2014are expected to remain in their roles and continue to lead Caesars Entertainment operations at the combined company.<\/p>\n\n\n\n

Caesars Entertainment advisors include PJT Partners serving as exclusive financial advisor,   Latham & Watkins as legal counsel, and Skadden, Arps, Slate, Meagher & Flom LLP serving as antitrust counsel.<\/p>\n\n\n\n

Freshfields is the counsel to the Carano family. Fertitta Entertainment\u2019s advisors are Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC serving as financial advisors and White & Case LLP providing legal counsel.<\/p>\n\n\n\n

Financial breakdown of pending deal<\/h2>\n\n\n\n

The transaction will be financed through a combination of Fertitta Entertainment equity, assumed Caesars\u2019 debt and new debt financing arranged by a group of 10 banks. The banks were not identified.<\/p>\n\n\n\n

When word spread earlier this year about a pending deal, Fertitta reportedly was offering about $34 per share, placing the deal value at about $7 billion. Under the terms of the definitive agreement announced yesterday, Caesars\u2019 shareholders will receive $31 in cash per share.<\/p>\n\n\n\n

The price represents a 49 percent premium over Caesars\u2019 share price on Feb. 25, the last trading day before rumors of a potential sale surfaced. It\u2019s also a 46 percent premium over the unaffected 30-day volume-weighted average price on the same date.<\/p>\n\n\n\n

The Caesars Entertainment board of directors is backing the proposed merger, which must also be approved by Caesars\u2019 shareholders. The Carano family, which owns approximately 5 percent of the outstanding shares of Caesars Entertainment common stock, has agreed to roll a portion of their equity interests into Fertitta Entertainment.<\/p>\n\n\n\n

The company will also need to gain regulatory approvals before a takeover can occur. Since the Fertitta holdings include a large stake in betting firm DraftKings, the deal may raise antitrust concerns, according to Bloomberg.<\/em><\/p>\n\n\n\n

The agreement includes a \u201cgo-shop\u201d period through July 11, which allows Caesars to consider other offers. The<\/em> Wall Street Journal<\/em> reported in March that billionaire Carl Icahn\u2019s firm, Icahn Enterprises, had also been interested in Caesars before Fertitta Entertainment topped its offer and the two entities entered into exclusive negotiations. Fertitta\u2019s interest in Caesars reportedly dates back to at least 2018, according to numerous outlets.<\/p>\n","protected":false},"excerpt":{"rendered":"

The deal would further consolidate the number of major casino operators in Las Vegas and beyond.<\/p>\n","protected":false},"author":1068,"featured_media":1004800491,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21751,21783,1593,21752,23891,21742,21749,15],"tags":[35701,52876],"class_list":["post-1004800490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-hotel","category-investment","category-las-vegas","category-mixed-use","category-national","category-latest","category-retail","category-west","tag-caesars-entertainment-corporation","tag-fertitta-entertainment-inc"],"acf":[],"yoast_head":"\nFertitta Bets on Caesars With $5.7B Acquisition - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Fertitta Entertainment Inc. is expanding its global gaming and hospitality holdings with the acquisition of Caesars Entertainment Inc.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/fertitta-betting-on-caesars-in-5-7b-all-cash-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fertitta Bets on Caesars With $5.7B Acquisition\" \/>\n<meta property=\"og:description\" content=\"Fertitta Entertainment Inc. is expanding its global gaming and hospitality holdings with the acquisition of Caesars Entertainment Inc.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/fertitta-betting-on-caesars-in-5-7b-all-cash-acquisition\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2026-05-29T13:07:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-05-29T14:11:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/Caesars_Palace_Las_Vegas.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1240\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fertitta-betting-on-caesars-in-5-7b-all-cash-acquisition\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/fertitta-betting-on-caesars-in-5-7b-all-cash-acquisition\/\",\"name\":\"Fertitta Bets on Caesars With $5.7B Acquisition - 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