Fertitta could buy Caesars for $7B: WSJ

NATIONAL REPORT — Billionaire Tilman Fertitta has been in talks to buy Caesars Entertainment for roughly $7 billion, according to a report in the Wall Street Journal.

According to the report, Fertitta has topped a competing offer from investor Carl Icahn’s firm. His company, Houston-based Fertitta Entertainment, has been discussing paying around $34 a share for the gambling empire. Caesars shares closed Tuesday at $26.01, giving the company a market value of over $5 billion.

An announcement between the two sides isn’t imminent, according to the report, and it’s possible the talks won’t result in any deal.

Caesars has also received an all-cash offer of around $33 a share from Sunny Isles Beach, Florida-based Icahn Enterprises, the publicly traded company that houses the investment of Icahn, a Caesars shareholder. Icahn Enterprises’ offer hasn’t officially been rejected by Caesars, according to the story.

Caesars Entertainment is one of the Las Vegas Strip’s two largest operators, running nine resorts, including Planet Hollywood, Paris, Harrah’s, Horseshoe and The Cromwell alongside Caesars Palace. However, Vici Properties owns the land on which those resorts sit. Vici was founded as an offshoot of Caesars in 2017, when Caesars filed for bankruptcy.

The deal would significantly expand Fertitta Entertainment's portfolio, which includes the Golden Nugget casino chain, Landry's and the NBA’s Houston Rockets. Fertitta increased his stake in Las Vegas-based Wynn Resorts to 9.9% in November 2024, which made him the company's largest shareholder. A deal with Caesars would add more than 50 resorts to Fertitta Entertainment's portfolio.

Fertitta has previously pursued deals to acquire Caesars. In 2018, he proposed merging the Golden Nugget chain with the company, which Caesars rejected.