Fertitta Entertainment to Acquire Caesars in $17.6B All-Cash Deal
Fertitta Entertainment has agreed to acquire Caesars Entertainment in an all-cash deal valued at about $17.6 billion, including the assumption of roughly $11.9 billion in Caesars’ outstanding debt.
Under the terms of the agreement, Caesars shareholders will receive $31 in cash for each share, a 49% premium to the company’s unaffected stock price on February 25, 2026.
The transaction is not subject to a financing condition and will be funded through a mix of equity contributions from Fertitta, assumed debt and committed financing from a syndicate of 10 banks, the companies said.
The deal will combine two major hospitality and gaming operators, uniting Caesars’ marquee Las Vegas Strip portfolio and digital gaming platform with Fertitta Entertainment’s casino, restaurant and hospitality businesses, including Golden Nugget Hotels & Casinos and Landry’s.
The combination creates a broader platform spanning destination resorts, regional casinos, dining and entertainment venues, and online gaming. Caesars, one of the largest casino operators in the U.S., owns eight properties on the Las Vegas Strip, including Caesars Palace, Paris Las Vegas, Planet Hollywood, Flamingo and Harrah’s Las Vegas, along with a wide network of regional assets.
Fertitta and Caesars said the transaction is intended to strengthen the balance sheet of the combined company and enhance its ability to invest in properties, technology and customer offerings across both physical and digital channels.