LAS VEGAS — Fertitta Entertainment agreed to acquire Caesars Entertainment for $5.7 billion in cash on May 28, 2026. The deal includes Fertitta Entertainment assuming approximately $11.9 billion to $12 billion of Caesars Entertainment’s debt, bringing the total transaction value to about $17.6 billion.

Caesars Entertainment shareholders will receive $31 in cash for each share they own, a 49% premium over the company’s unaffected share price as of February 25, 2026. The acquisition agreement includes a 'go-shop' period through July 11, 2026, allowing Caesars to solicit competing bids. The transaction requires approval from Caesars shareholders and regulatory authorities before closing, after which Caesars stock will no longer trade on the NASDAQ exchange.

The combined company would operate 60 domestic casino resorts and gaming facilities, along with online gaming platforms offering sports betting, iCasino, and poker. It would also manage more than 200 retail sports betting locations under the William Hill brand and between 550 to 600 Fertitta Entertainment outlets nationwide, including restaurants and entertainment venues. Caesars currently operates nine hotels on the Las Vegas Strip and owns properties in over a dozen U.S. states.

Fertitta Entertainment owns Golden Nugget Hotels & Casinos and Landry’s, which operates more than 450 full-service restaurants. The leadership teams of both companies are expected to remain in their current roles post-acquisition. The merger would unify Caesars Rewards, Golden Nugget’s 24 Karat Select Club, and Landry’s Select Club into a single hospitality and loyalty ecosystem.

David Schwartz, a gaming historian at the University of Nevada in Las Vegas, said, "Fertitta has been in Las Vegas for over 20 years at this point, so I’m not saying he’s not a gaming operator, but he just has such a big portfolio outside of gaming. I think that’s something that could be really exciting." Schwartz added that Fertitta’s investment in the Las Vegas Strip signals optimism about the city’s recovery following declines in visitors after the COVID-19 pandemic.

The Culinary Workers Union Local 226 and Bartenders Union Local 165, representing over 60,000 hospitality workers in Nevada, said in a statement, "We anticipate there will be discussions ahead about the full ramifications of this purchase and while we do not know all the details yet, we are confident that based on our relationships with both companies, we will continue to have a positive relationship going forward." The unions said they have strong relationships with both Caesars and Fertitta and do not expect that to change.

The transaction is not subject to a financing condition and will be funded through Fertitta Entertainment equity, assumed Caesars debt, and new committed debt financing from a group of 10 banks. Caesars Entertainment shares rose nearly 2% before the opening bell on May 28, 2026, and have increased 15% since merger rumors emerged in February.