Caesars Entertainment is evaluating takeover approaches from multiple parties, including an offer from Fertitta Entertainment, the casino and hospitality group controlled by Texas billionaire Tilman Fertitta, the Financial Times reported.
The company is also weighing the possibility of a management-led buyout, people familiar with the matter said, as discussions continue over the future of one of the largest operators on the Las Vegas Strip. They cautioned that talks remain ongoing and that a transaction is not assured, adding that negotiations could still collapse.
News of the takeover interest triggered a sharp market reaction. Shares in Caesars, which had fallen to a five-year low, closed up about 19% at $24.74 following the report, giving the company an equity valuation of more than $5 billion. The rebound follows a prolonged slide that has seen the stock decline more than 80% from pandemic-era highs.
During the COVID-19 period, strong online gambling demand drove Caesars’ market value to approximately $24 billion. That surge has since reversed amid operational pressures and a cooling of investor enthusiasm for gaming equities. In 2025, visitor volume to Las Vegas declined by nearly a tenth, according to data compiled by the city’s tourism authority.
Any potential acquisition would face structural complexity. Caesars carries more than $20 billion in debt, including lease obligations, placing its enterprise value above $30 billion. To manage those liabilities, a buyer would likely need to assemble a substantial financing package from Wall Street banks, which the people familiar with the discussions said could complicate the path to a deal.
The company’s financial profile, however, includes annual free cash flow exceeding $3 billion, a figure that may appeal to prospective acquirers. If completed, a transaction would rank among the largest gaming industry takeovers in recent years.
In 2008, private equity firms Apollo and TPG acquired the business, then operating under the Harrah’s name, for $30 billion as the global financial crisis unfolded. The company filed for bankruptcy in 2015.
Following its restructuring, much of its real estate was separated into a publicly listed property trust, Vici Properties, to which Caesars now pays billions of dollars annually in lease expenses. Vici’s market valuation is more than double that of Caesars.
In 2020, Caesars was acquired by smaller rival El Dorado Resorts in a takeover that resulted in the combined entity retaining the Caesars name. Although the brand remained, the headquarters is officially located in Reno, Nevada, where El Dorado had been based. Chief Executive Tom Reeg, previously the longtime head of El Dorado and a former junk bond trader, continues to lead the company.
Caesars operates more than 50 casinos across North America, including properties under the Caesars Palace, Harrah’s, and El Dorado brands. It also runs a sports betting application that has struggled to compete with market leaders FanDuel and DraftKings.
The company’s recent challenges have again drawn scrutiny from activist investor Carl Icahn. Last year, Caesars expanded its board to include two representatives from Icahn Enterprises as part of an agreement aimed at resolving tensions with the investor. Icahn previously pressed for strategic changes in 2019, a campaign that contributed to the sale to El Dorado.
Fertitta’s business interests include the Golden Nugget casino portfolio. In addition to owning seven casino resorts under that brand, he holds stakes in Wynn Resorts and DraftKings.
His holdings also include a restaurant group operating chains such as Morton’s, Mastro’s, Bubba Gump Shrimp, and Rainforest Cafe. Fertitta also owns the Houston Rockets of the National Basketball Association.
In December 2024, President Donald Trump appointed Fertitta as US ambassador to Italy.
Original article: https://www.yogonet.com/international/news/2026/02/27/117809-caesars-reportedly-considering-takeover-bids-including-offer-from-fertitta-entertainment
