Caesars Entertainment, a Las Vegas Strip icon, is sold for nearly $6
billion
[May 29, 2026] By
JESSICA HILL
LAS VEGAS (AP) — Billionaire hospitality mogul Tilman Fertitta is
acquiring Caesars Entertainment for almost $6 billion, a merger that
would create one of the largest gaming empires.
Caesars became an iconic name after the opening of Caesar’s Palace on
the Las Vegas Strip in 1966. But its roots date back to the 1930s in
Reno, Nevada. It operates nine hotels on the Strip and owns properties
in over a dozen states.
Fertitta is the CEO of Fertitta Entertainment, a company that owns Las
Vegas' Golden Nugget and chains like Rainforest Cafe and Morton's.
Fertitta also owns the NBA team Houston Rockets, and he is the largest
shareholder in Wynn Resorts as well as in DraftKings, the sports betting
company. Fertitta is also a major GOP mega donor and US ambassador to
Italy.
Fertitta Entertainment will pay $5.7 billion and take on close to $12
billion in debt from Caesars, putting the total value of the deal at
about $17.6 billion.
As part of the agreement, Caesars can seek competing bids through July
11.
The deal must be approved by its shareholders. But if it goes through,
the sale will create one of the largest gaming empires with 60 casino
resorts, online gaming, retail sports betting at more than 200 locations
through the William Hill brand, and over 600 Fertitta Entertainment
outlets, such as restaurants and entertainment venues.
Caesars investors will get $31 in cash for each share they own, a 49%
premium over the share price before chatter about a possible tie-up
between the two entertainment companies began in February.
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A man takes pictures of Caesars Palace hotel and casino in Las
Vegas, Jan. 12, 2015. (AP Photo/John Locher, File)
 Shares of Caesars Entertainment
Inc., which are up 15% since merger rumors emerged, rose almost 2%
before the opening bell Thursday.
David Schwartz, a gaming historian at the University of Nevada in
Las Vegas, said Fertitta’s investment in the Las Vegas Strip is a
sign of a lot of optimism about Las Vegas, which had struggled with
a decline in visitors following the COVID-19 pandemic and what some
officials said was the Trump administration’s immigration policies
and tariffs.
“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 significant, and
that could be something really exciting,” Schwartz said.
The Culinary Workers Union Local 226 and Bartenders Union Local 165,
which represents over 60,000 hospitality workers in Nevada, said it
has strong relationships with both Caesars and Fertitta, and it does
not see that changing.
“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 union said in a Thursday statement.
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