For the second time in eight years, casino giant Caesars Entertainment is being acquired in a multibillion-dollar transaction — one that will take the largest casino company in the U.S.  private and is expected to shuffle the structure of the gaming industry, as several of the company's properties may have to be sold to avoid antitrust issues.

Houston-based Fertitta Entertainment, the privately held conglomerate controlled by billionaire Tilman Fertitta, is acquiring Caesars, which has corporate headquarters in Las Vegas and Reno, in an all-cash transaction valued at $17.6 billion. The agreement includes Fertitta's assumption of nearly $12 billion of Caesars' outstanding debt, which had weighed down the value of the company that was less than a decade out of bankruptcy proceedings.

The deal was announced early Thursday morning but had been the subject of rampant speculation over the last three months. 

Caesars shareholders will receive $31 per share, a 49 percent premium over Caesars' share price on Feb. 25, the last trading day before rumors of a potential transaction began to surface. Caesars' board approved the transaction, which is subject to both approval by shareholders and gaming regulatory agencies throughout the U.S., including Nevada.

The transaction will be financed through a combination of funds contributed by Fertitta Entertainment, the assumption of Caesars' debt, and new debt financing arranged by a group of 10 banks. Last week, the Financial Times reported that several banks have committed to a debt financing package of about $5 billion for Fertitta's purchase of Caesars. 

CNBC first reported Fertitta's interest in Caesars in mid-March, saying he was in a bidding war for the company with billionaire Carl Icahn. Fertitta is currently serving as the United States ambassador to Italy and San Marino. Most financial insiders believe Fertitta was calling the shots on the Caesars transaction from his embassy residence in Italy.

Fertitta's net worth is estimated at $11 billion, according to Forbes. He is the chairman and CEO of Fertitta Entertainment, which encompasses some 600 businesses, including the Landry's restaurant empire, eight Golden Nugget casinos in five states and the NBA's Houston Rockets. 

Over the past few years, he became the largest individual shareholder in Wynn Resorts, with a 13 percent stake in the Las Vegas-based casino company. He also controls a 6-acre site at the southeast corner of the Strip and Harmon Avenue, where he has discussed building a 43-story, 2,420-room hotel-casino.

Caesars operates more than 50 casinos throughout the U.S., including 15 resorts in Nevada's three major markets: Las Vegas, Reno-Lake Tahoe and Laughlin. Real estate investment trust VICI Properties owns the real estate associated with 18 Caesars casinos and resorts and leases the operation back to the company. The agreement covers two Strip properties — Caesars Palace and Harrah's Las Vegas.

The deal also includes Caesars Sportsbook, which is considered one of the top five online sports betting sites in the U.S.

Caesars was formed in 2020, a year after Reno-based Eldorado Resorts announced a $17.3 billion acquisition of Caesars Entertainment, becoming the largest casino company in the U.S. The combined company adopted the Caesars name, and Eldorado CEO Tom Reeg took over as CEO of the merged enterprise.

In the statement, Fertitta announced that Reeg, along with CFO Bret Yunker, President Anthony Carano, other corporate executives and property managers are expected to remain in their roles at the combined company.  

Analysts speculated that the transaction with Fertitta could have antitrust ramifications across Nevada's major gaming markets. 

Reaction to the deal was swift. Shares of Caesars rose 2.5 percent in premarket ​trading Thursday to a little more than $29. However, the shares have gained about 16 percent since the deal was first reported in ⁠February. 

Stifel Financial gaming analyst Steven Wieczynski, in a note to investors, said the $31 price per share was too low. "If we were long-time Caesars shareholders … we would be super irritated." 

He added that Caesars' debt, concerns about the Strip and competition have weighed down the price. "We still believe there is more value in this name versus the implied takeout price." 

Fertitta owns the Golden Nugget casino resorts in Las Vegas, Laughlin and Lake Tahoe, while Caesars controls eight resorts on the Strip, two resorts in Laughlin and three hotel-casinos in Lake Tahoe.

Earlier this month, J.P. Morgan analyst Daniel Politzer said the merger could result in casino sales in six U.S. markets, including three Nevada markets, which would net the merged company an estimated $2.3 billion in proceeds.

While he is in Italy, Fertitta's former wife, Paige Fertitta, was given the titles of president and director of Fertitta Entertainment, although she does not oversee the company's day-to-day gaming operations. His longtime associates, including Executive Vice President Steven Scheinthal, manage the daily responsibilities.

Fertitta is a cousin of Frank Fertitta III and Lorenzo Fertitta, the majority shareholders of Red Rock Resorts, the parent company of Station Casinos. 

Caesars is a historic name in Las Vegas. Caesars Palace was built by Jay Sarno and opened in 1966. Caesars Entertainment grew into several properties in Nevada and the U.S. by the time it was bought by Harrah's Entertainment in 2005 for $8.9 billion.

In 2008, hedge funds Apollo and TPG Capital took the company private in a $30 billion leveraged buyout.  

The firm's ownership ended in 2019, two years after completion of a complicated two-year Chapter 11 bankruptcy restructuring that changed Caesars' ownership structure and wiped $16 billion of the company's pre-bankruptcy $25.6 billion in debt off the books. 

Updated at 7:10 a.m. on 5/28/2026 with analyst commentary and additional information.