Billionaire Tilman Fertitta’s Fertitta Entertainment is reportedly in talks to acquire hotel and casino operator Caesars Entertainment, amid a competing offer from Icahn Enterprises.
Fertitta Entertainment would pay $32 per share for the company with an equity value of $6.5 billion, according to CNBC. The Wall Street Journal reported last week that had Fertitta Entertainment had discussed paying $34 per share.
“As a matter of policy, we do not comment on market rumors or speculation,” Caesars told CNBC.
Fertitta is the owner of hospitality and gambling company Landry’s and the NBA’s Houston Rockets, and is the largest shareholder in casino operator Wynn Resorts. He also began serving as the United States ambassador to Italy and San Marino last year.
These talks may not result in a deal, per the Wall Street Journal, and no announcement from the two companies is imminent.
The negotiations are occurring within a 45-day exclusive window, according to CNBC. Caesars previously received an offer of $33 per share from Icahn Enterprises, which the company reportedly has not officially rejected.
Icahn Enterprises is headed by Carl Icahn, who owns around 1.2% of Caesars shares, according to FactSet. The company first bid $28.50 per share for Caesars in January, and is reportedly seeking to combine Caesars’ online gambling operations with a large digital gambling company.
Caesars shares had fallen by around 40% in the 12 months before the Financial Times first reported Fertitta’s interest in buying the company in February. It posted a net loss of $502 million last year, and had $11.9 billion in debt at the end of 2025.
Caesars (NASDAQ: CZR) shares closed 1.2% lower at $28.05 on Friday, and fell a further 0.4% in after-hours trading. Its market capitalisation is $5.71 billion.
