Fertitta Entertainment Negotiates $6.5 Billion Acquisition of Caesars, According to CNBC

Tilman J. Fertitta addressed a panel for the NBCUniversal television series 'Billion Dollar Buyer' on April 1, 2016, in Westlake Village, California. As reported by CNBC on Saturday, Fertitta Entertainment is in talks to acquire Caesars Entertainment (CZR.O) for $32 per share, amounting to an equity value of $6.5 billion. The negotiations imply an enterprise value of $31.5 billion for Caesars, factoring in the gaming company's considerable debt. In a response to Reuters, Caesars stated, 'As a matter of policy, we don’t comment on rumors or market speculation.' The report remains unverified, as does Fertitta Entertainment's response outside normal business hours. Discussions are reportedly occurring during a 45-day exclusive period at Fertitta's Houston headquarters. Earlier this week, the Wall Street Journal noted that Fertitta Entertainment was considering a bid of roughly $34 per share, valuing Caesars at about $7 billion. Additionally, Caesars has received an all-cash offer of approximately $33 per share from Icahn Enterprises (IEP.O), a firm under billionaire Carl Icahn's influence. Icahn initially made a friendly bid for Caesars in January, proposing $28.50 per share while assuring the retention of the current management team. Icahn Enterprises hasn't responded to requests for comment. There are indications that Icahn seeks to partner with a significant digital gaming company, which could link their operations with Caesars’ online gambling sector. Caesars has reported net losses for four straight quarters, affected by declining visitor numbers in Las Vegas, which dropped notably in 2025. Reporting by Ananya Palyekar in Bengaluru; Edited by Chizu Nomiyama and Diane Craft.