Fertitta Entertainment has agreed to acquire Caesars Entertainment as part of an all-cash deal valued at approximately $17.6 billion, including the assumption of roughly $11.9 billion in outstanding debt.
Caesars CEO Tom Reeg, CFO Bret Yunker, president and COO Anthony Carano and other members of Caesars' corporate and property-level management teams are expected to remain in their current roles following the close of the transaction.
Upon completion, Caesars will go private and be delisted from the Nasdaq.
Caesars is best known for its Las Vegas portfolio, which contains eight Strip properties: Caesars Palace, Harrah's Las Vegas, Paris Las Vegas, Horseshoe Las Vegas, Flamingo Las Vegas, The Linq Hotel + Experience, Planet Hollywood and The Vanderpump Hotel.
The company has a presence across other parts of Nevada and more than a dozen additional U.S. states as well as Canada. Caesars has also been expanding its nongaming hotel footprint through its Caesars Republic lifestyle brand, which opened its latest location on Lake Tahoe's southern shore in Nevada last summer.
Fertitta Entertainment's portfolio
Houston-based Fertitta Entertainment was founded by Tilman Fertitta and its holdings include Golden Nugget Hotels and Casinos and the restaurant and hospitality company Landry's, which owns dining concepts like Landry's Seafood House, Bubba Gump Shrimp Co., Del Frisco's, Rainforest Cafe, Morton's The Steakhouse and Saltgrass Steak House. Fertitta is also the owner of the NBA's Houston Rockets.
Together, the combined company would operate 60 casino resorts and gaming facilities, online gaming and sports betting through Caesars' digital platform, retail sports betting at more than 200 third-party locations under the William Hill brand, more than 600 Fertitta Entertainment outlets and a variety of amusement, entertainment and aquarium venues.
Caesars Rewards, Caesars' loyalty program, will connect across the combined portfolio.
The deal includes a "go-shop" period through July 11, during which time Caesars may solicit, consider and negotiate alternative acquisition proposals.
The transaction remains subject to Caesars shareholder approval and regulatory clearances.
The news comes as Las Vegas looks to shake off a period of softer hotel performance, with visitor volume falling 7.5% year over year in 2025, to approximately 38.5 million visitors.