economy
March 14, 2026
Fertitta in weekend deal talks to acquire Caesars, while billionaire Carl Icahn waits in the wings
The deal, if it gets done, would not be finalized until early April and is not expected to close until 2027.
TL;DR
- Fertitta Entertainment is in talks to acquire Caesars Entertainment.
- The proposed deal is valued at $32 per share, with an equity value of $6.5 billion and an enterprise value of $31.5 billion.
- Billionaire Carl Icahn has also made a bid of $33 per share and may be trying to increase the deal price.
- The deal, if completed, is not expected to be finalized until early April and is unlikely to close before 2027.
- Fertitta previously stepped down as CEO to satisfy ethics requirements for a potential U.S. Ambassador role.
- Caesars has a substantial debt load, contributing to its enterprise value.
- Icahn owns a significant stake in Caesars, including derivatives, and has placed directors on the company's board.
- Caesars shares have been under pressure since late 2021.
- Regulatory and shareholder scrutiny are expected for any potential deal, especially concerning Fertitta's other gambling company holdings.
- VICI, a gaming REIT, owns many Caesars properties but does not have a vote in the acquisition.
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