Fertitta in Talks to Acquire Caesars as Icahn Waits

Billionaire Tilman Fertitta's Fertitta Entertainment is negotiating a $32 per share deal to buy Caesars Entertainment.

Mar. 14, 2026 at 9:19pm

Got story updates? Submit your updates here. ›

Tilman Fertitta's Fertitta Entertainment is actively negotiating a deal to acquire Caesars Entertainment for $32 per share, with an equity value of $6.5 billion and an enterprise value of $31.5 billion. The deal is currently in a 45-day exclusive window and is not expected to close until 2027. Billionaire Carl Icahn has also made a bid for Caesars, offering $33 per share, but sources say he is likely trying to drive up the price to increase the value of his existing stake in the company.

Why it matters

The potential acquisition of Caesars by Fertitta would create a major player in the casino and gambling industry, combining Fertitta's existing holdings like the Golden Nugget casino with Caesars' extensive portfolio. The deal would also have significant regulatory and shareholder implications that will need to be navigated.

The details

The current deal terms have Fertitta offering $32 per share, with an equity value of $6.5 billion and an enterprise value of $31.5 billion given Caesars' substantial debt. The talks are taking place within a 45-day exclusive window at Fertitta's headquarters in Houston. Icahn has also made a bid of $33 per share, which sources say is likely an attempt to drive up the price and increase the value of his existing 18 million share stake in Caesars.

  • The deal talks are happening this weekend at Fertitta's headquarters in Houston.
  • The deal, if finalized, is not expected to close until 2027.

The players

Tilman Fertitta

The chairman and CEO of Fertitta Entertainment, which includes Landry's, the Houston Rockets, and the Golden Nugget casino in Las Vegas.

Caesars Entertainment

A major casino and entertainment company that owns and operates numerous properties across the United States.

Carl Icahn

A billionaire investor who owns approximately 18 million shares, or 18%, of Caesars Entertainment.

VICI

A gaming REIT that owns Caesars Palace and Harrah's on the Las Vegas Strip, along with about 20 other regional properties.

Got photos? Submit your photos here. ›

What they’re saying

“As a matter of policy, we do not comment on market rumors or speculation.”

— Caesars Entertainment (CNBC)

“The math is just too good to ignore, citing the suppressed share price and a casino business that has about $1 billion in free cash flow annually and does $4 billion in EBITDA.”

— Source close to the situation (CNBC)

“We have a productive and collaborative history of working with our partners to improve their business.”

— Ed Pitoniak, CEO of VICI (CNBC)

What’s next

The deal, if it gets done, would not be finalized until early April and is not expected to close until 2027. The talks are taking place within a 45-day exclusive window, and any agreement would be sure to face regulatory and shareholder scrutiny.

The takeaway

The potential acquisition of Caesars by Fertitta would create a major player in the casino and gambling industry, but the deal faces significant regulatory and shareholder hurdles. The involvement of billionaire investor Carl Icahn adds an additional layer of complexity to the negotiations.