Texas billionaire Tilman Fertitta acquiring Caesars in $17.6B deal

May 28-Texas billionaire Tilman Fertitta has long pursued a merger of his sprawling casino and restaurant business with Nevada's iconic Caesars Entertainment.

He's finally pulling it off.

Fertitta Entertainment, the Houston company that owns Las Vegas' Golden Nugget, restaurant giant Landry's and chains like Rainforest Cafe and Morton's, is acquiring Caesars in a $17.6 billion deal that combines two of the nation's largest casino, hotel and restaurant empires.

Caesars owns or manages 52 casinos in the United States. Beyond Caesars-branded properties, its holdings include Harrah's and Circus Circus.

The takeover is subject to regulatory review and Fertitta may be forced to shed assets to gain approval.

Fertitta was a prominent donor to President Donald Trump's 2024 campaign and is now U.S. ambassador to Italy.

His hospitality empire, which began in 1980 with a single seafood restaurant in Katy, has grown into one of the nation's largest private companies with 47,000 employees and more than 600 restaurants, resorts, hotels and casinos. It includes the NBA's Houston Rockets, restaurants in 36 states and a large stake in betting firm DraftKings. His personal net worth is $13.1 billion, according to Bloomberg's Billionaire Index.

Caesars became an iconic name after the 1966 opening of Caesars Palace on the Las Vegas Strip. However, its roots date back to the 1930s in Reno, Nev., where it's headquartered.

It does not currently have a presence in Texas, where casino gambling is limited to Native American reservations. But the acquisition will mean that Texans who participate in the Caesars Rewards program can use their rewards in Fertitta's existing network of restaurants and other destinations in the state.

Fertitta Entertainment Inc. will pay $5.7 billion and take on $11.9 billion in debt from Caesars Entertainment Inc. As part of the agreement, Caesars can seek competing bids through July 11.

The deal has been approved by Caesars board members but still must be approved by shareholders.

Caesars investors will get $31 in cash for each share they own, a 49% premium over the share price before chatter about a possible tie-up between the companies began in February.

Shares of Caesars Entertainment, which are up 15% since merger rumors emerged, rose almost 2% before the opening bell Thursday. They finished the day up about 1% to $29.08.

Fertitta plans to finance the deal through a combination of equity and new debt financing arranged by a group of 10 banks. Upon completion of the transaction, shares of Caesars will no longer be listed. According to a statement from Caesars, the Carano family, which owns about 5% of Caesars' outstanding shares, has agreed to roll a portion of its equity into Fertitta.

Copyright 2026 Tribune Content Agency. All Rights Reserved.

This story was originally published May 28, 2026 at 11:15 AM.