Tilman Fertitta Agrees to Buy Caesars for $5.7 Billion -- Update

Dow Jones

May 28

By Joseph De Avila

Billionaire Tilman Fertitta has reached an agreement to buy Caesars Entertainment for about $5.7 billion.

Fertitta's company, Fertitta Entertainment, will pay Caesars shareholders $31 a share and assume about $11.9 billion of the casino company's outstanding debt, the companies said Thursday. Caesars's board of directors signed off on the sale and recommended that shareholders approve the agreement.

Fertitta was able to fend off a competing offer from billionaire investor Carl Icahn's firm. Icahn Enterprises made an all-cash offer of around $33 a share, The Wall Street Journal previously reported.

Fertitta's business operates the Golden Nugget casino chain, the restaurant giant Landry's and other hospitality and gaming companies as well as the NBA's Houston Rockets.

The deal includes a go-shop period through July 11 to solicit and consider alternative acquisition proposals.

Updates to follow as news develops.

Write to Joseph De Avila at joseph.deavila@wsj.com

(END) Dow Jones Newswires

May 28, 2026 07:38 ET (11:38 GMT)

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Caesars's board of directors signed off on the sale and recommended that shareholders approve the agreement. \n\n\n  Fertitta was able to fend off a competing offer from billionaire investor Carl Icahn's firm. Icahn Enterprises made an all-cash offer of around $33 a share, The Wall Street Journal previously reported. \n\n\n  Fertitta's business operates the Golden Nugget casino chain, the restaurant giant Landry's and other hospitality and gaming companies as well as the NBA's Houston Rockets. \n\n\n  The deal includes a go-shop period through July 11 to solicit and consider alternative acquisition proposals. \n\n\n  Updates to follow as news develops. \n\n\n  Write to Joseph De Avila at joseph.deavila@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  May 28, 2026 07:38 ET (11:38 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"corporation","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":true,"need_login_tip":false,"code":"91000000","status":"200"}}}