Fertitta to Buy Caesars
Fertitta to Buy Caesars announces a $17.6 billion all-cash deal whose financing plan will force re-pricing of credit and equity amid refinancing risk.

KEY TAKEAWAYS
- Fertitta will acquire Caesars in a $17.6 billion all-cash deal including $11.9 billion of assumed debt.
- Fertitta secured committed bank debt financing and will add owner equity to fund the cash consideration.
- Closing requires Caesars shareholder approval and gaming and antitrust clearances; deal will take Caesars private.
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Fertitta Entertainment, Inc. announced on May 28, 2026, that it signed a definitive agreement to acquire Caesars Entertainment, Inc. (CZR). The deal will take Caesars private and delist its stock from Nasdaq, combining the companies’ hospitality and gaming assets.
Deal Terms, Financing, and Transaction Status
The companies disclosed an all-cash transaction valued at approximately $17.6 billion, which includes Fertitta’s assumption of about $11.9 billion of Caesars’ outstanding debt. Caesars shareholders will receive $31.00 in cash per share. Both boards unanimously approved the agreement.
Fertitta plans to fund the cash consideration with committed debt financing from a consortium of banks and equity capital contributed by Tilman J. Fertitta and affiliated entities. Some proceeds will refinance certain Caesars obligations. This mix of new borrowings and assumed debt will determine the combined company’s pro-forma leverage, refinancing schedule, and credit profile as it transitions to private ownership.
The parties have executed a definitive merger agreement and publicly announced the signed deal, which remains subject to closing.
Approvals, Corporate Structure, and Strategic Outlook
Upon closing, Caesars will become a privately held company, and its common stock will be delisted from Nasdaq. Fertitta Entertainment will serve as the parent company of the combined operations.
Closing depends on approval by Caesars shareholders, receipt of required gaming regulatory approvals in jurisdictions where Caesars operates, customary antitrust and competition clearances, and other standard closing conditions.
Tilman J. Fertitta, chairman and chief executive of Fertitta Entertainment, said the combination will create "a leading hospitality, gaming, and loyalty ecosystem." Caesars contributes a portfolio of more than 50 properties, including Las Vegas Strip assets and regional casinos. Fertitta adds Golden Nugget casinos and Landry’s restaurants and hospitality holdings. The companies expect to integrate gaming, hospitality, entertainment, dining, and loyalty platforms to expand cross-property engagement, improve the guest experience, and pursue operational efficiencies and revenue growth.





