Billionaire Tilman Fertitta is in exclusive talks to acquire casino operator Caesars Entertainment for about $7 billion after topping a competing offer from investor Carl Icahn’s firm, The Wall Street Journal reported, citing people familiar with the matter.
Fertitta’s company, Fertitta Entertainment, has been discussing paying around $34 per share for Caesars, according to the report. The proposed price represents a premium of roughly 31% to the company’s Tuesday closing price.
Fertitta owns the Golden Nugget casino chain, the Landry’s restaurant group, and the Houston Rockets NBA team. An announcement is not imminent, and the talks may not result in a deal, the newspaper said.
Shares of Caesars rose 12% to close at $29.07 in New York on Wednesday. The casino company operates more than 50 resorts under brands including Caesars, Harrah’s, Eldorado, and Circus Circus.
Caesars had also received an all-cash offer of around $33 per share from Icahn Enterprises.
Real estate investment trust Vici Properties, a major landlord to Caesars, had been viewed as a potential obstacle to a takeover. However, the proposals from Fertitta and Icahn are structured in a way that could allow the company to be split without Vici’s consent, according to the report.
Caesars Chief Executive Tom Reeg would likely be involved with either bid, people familiar with the matter said.
Caesars shares had fallen roughly 40% over the past year before takeover interest surfaced. The company was taken private in 2008 in a leveraged buyout led by Apollo Global Management and TPG, and its operating unit emerged from bankruptcy in 2017. Eldorado Resorts later acquired Caesars in 2020, with Reeg becoming CEO of the combined company.
Original article: https://www.yogonet.com/international/news/2026/03/12/118035-billionaire-tilman-fertitta-in-talks-to-buy-caesars-for-about-7-billion-wsj-reports
