Caesars Entertainment has agreed to be acquired by Fertitta Entertainment in a transaction valued at approximately $17.6 billion, creating one of the largest gaming and hospitality companies in the United States.

The companies announced Thursday that Fertitta Entertainment will pay $31 in cash for every outstanding Caesars share while also taking on about $11.9 billion in existing debt. The agreement has already received approval from Caesars’ board of directors, which is recommending that shareholders support the merger.

The $31-per-share offer represents a 49% premium compared with Caesars’ share price on Feb. 25, 2026, the final trading session before reports surfaced that takeover discussions were taking place. The offer also reflects a 46% premium over the company’s 30-day volume-weighted average share price during the same period.

Once finalized, Caesars’ stock will no longer trade on the NASDAQ exchange.

Fertitta Expands Gaming and Hospitality Reach

The acquisition would significantly broaden Tilman Fertitta’s existing business empire, which already includes casinos, hotels, restaurants, entertainment venues and professional sports ownership.

Fertitta Entertainment, based in Houston, began as a single seafood restaurant in Katy, Texas, in 1980. Since then, the company has expanded into a private enterprise with approximately 47,000 employees and more than 600 restaurants, hotels, casinos and entertainment properties. Its portfolio includes Landry’s restaurants, Morton’s, Saltgrass Steak House and the Golden Nugget casino chain.

Caesars Entertainment traces its origins to a bingo club established in Reno, Nevada, in 1937. The company later opened Caesars Palace on the Las Vegas Strip in 1966 and now operates more than 50 resort properties under brands including Caesars, Harrah’s and Circus Circus.

Under the proposed merger, Fertitta reportedly plans to combine Caesars’ operations with Golden Nugget Casinos and Landry’s restaurant portfolio. The companies said the combined organization would feature a broad range of hospitality and gaming assets across the country.

“The combination of Caesars and Fertitta Entertainment brings together two iconic and highly complementary platforms to create a dynamic suite of gaming, entertainment, and restaurant brands,” Caesars said in a statement.

The merged company would include 60 casino resorts and gaming facilities, online sports betting and iCasino operations, poker platforms, retail sports betting locations operating under the William Hill brand, and hundreds of restaurant and entertainment venues connected to Fertitta Entertainment.

Leadership and Loyalty Programs Expected to Continue

Caesars said it does not expect major changes to its management structure following the acquisition. Chief Executive Officer Tom Reeg, Chief Financial Officer Bret Yunker, President and Chief Operating Officer Anthony Carano and other executives are expected to remain in their current positions after the transaction closes.

In announcing the deal, Caesars described Fertitta Entertainment as having “a proven operating model with a track record of successfully integrating and growing leading hospitality and entertainment businesses.”

The companies also emphasized the importance of customer loyalty programs in the merger. Fertitta Entertainment said Caesars Rewards would be linked with Golden Nugget’s 24 Karat Select Club and Landry’s Select Club to expand benefits across the combined network.

“By combining our best-in-class loyalty programs, Caesars Rewards, Golden Nugget’s 24 Karat Select Club, and Landry’s Select Club, Fertitta Entertainment is building what we believe will be an industry leading loyalty ecosystem in the hospitality industry,” the company said in a release.

Customers would gain access to restaurants, casinos, resorts and entertainment destinations connected through those programs. The expanded portfolio includes eight properties on the Las Vegas Strip.

The acquisition could also affect sports betting operations tied to Fertitta’s ownership of the NBA’s Houston Rockets. Reports indicated Caesars may stop accepting wagers involving the Rockets because Fertitta already avoids taking Rockets bets at Golden Nugget casino locations.

Deal Includes Go-Shop Period and Financing Plan

The agreement remains subject to shareholder approval and regulatory review. Caesars also secured a “go-shop” provision allowing the company and its financial advisers to seek or negotiate competing offers through July 11, 2026.

If another buyer presents a superior proposal, Caesars’ board has the right to terminate the agreement with Fertitta Entertainment.

Funding for the acquisition is expected to come from a combination of Fertitta Entertainment equity, assumed Caesars debt and financing arranged through 10 banks.

Speculation about a potential transaction first emerged earlier this year when reports indicated Fertitta and Caesars had entered exclusive takeover negotiations. Those talks later continued beyond an initial 45-day window after both sides extended discussions. Reports also said Fertitta outbid investor Carl Icahn during the process.

Tilman Fertitta stepped down as chief executive of Fertitta Entertainment last year after becoming U.S. ambassador to Italy and San Marino. Since then, day-to-day operations at the company have been handled by longtime associates and executives, including his son Patrick Fertitta, who serves as a company director.

In addition to his casino and restaurant holdings, Fertitta recently agreed to acquire the WNBA’s Connecticut Sun and relocate the franchise to Houston in a deal reportedly valued at $300 million. He also holds a 12.5% ownership stake in Wynn Resorts, making him the company’s largest individual shareholder.