Caesars Entertainment Enters Into Agreement to Be Acquired by Fertitta Entertainment

Key Points:

• Caesars Entertainment has agreed to be acquired by Fertitta Entertainment in an all-cash deal valued at approximately $17.6 billion, including the assumption of $11.9 billion of Caesars’ debt, with shareholders receiving $31.00 per share, representing a 49% premium over the unaffected share price as of February 25, 2026.
• The Caesars Board of Directors has approved and recommends the transaction, highlighting the compelling immediate cash premium and the strategic benefits of combining Caesars' leading casino-entertainment business with Fertitta Entertainment's diversified hospitality and gaming platforms.
• The combined company will offer an extensive portfolio including 60 casino resorts, online gaming, retail sports betting, and over 600 Fertitta Entertainment outlets such as full-service restaurants and entertainment venues, all integrated through the Caesars Rewards loyalty network.
• The transaction is not subject to financing conditions and will be funded through equity from Fertitta Entertainment, assumed Caesars debt, and new debt financing arranged by a consortium of banks; it requires shareholder and regulatory approvals and includes a "go-shop" period until July 11, 2026, for potential superior proposals.
• Post-transaction, Caesars shares will be delisted from NASDAQ, and key Caesars executives are expected to remain in their roles, with the combined company focused on operational excellence, customer service, and disciplined growth.