Caesars Entertainment has extended the period of exclusive negotiations with billionaire Tilman Fertitta over a potential $18 billion takeover, according to a report by Bloomberg News.
The proposed deal would see Fertitta, who currently serves as the United States ambassador to Italy and San Marino, acquire the Las Vegas-based casino giant at an offer price of $32 per share. As part of the transaction, he would also assume more than $11 billion in Caesars’ existing debt.
Strategic expansion plans
The news broke in March that billionaire businessman Fertitta had brought a deal to Caesars that would value the casino giant at about $7 billion. The potential takeover is being explored through Fertitta Entertainment, the hospitality and gaming company controlled by Fertitta.
If completed, the deal would significantly reshape the US gaming landscape. Fertitta is reportedly planning to combine Caesars with his privately held hospitality empire, Fertitta Entertainment, which includes the Golden Nugget Hotel & Casinos and the Landry’s restaurant portfolio. The combined entity would create one of the largest integrated casino and hospitality groups globally, spanning gaming, dining and entertainment assets.
BILLIONAIRE TILMAN FERTITTA EXTENDS TALKS FOR CAESARS $CZR TAKEOVER AT $18 BILLION – BLOOMBERG pic.twitter.com/1Pq23JlANx
— Wall St Engine (@wallstengine) April 20, 2026
Fertitta Entertainment operates more than 600 properties across over 15 countries, including well-known dining brands such as Rainforest Café and Bubba Gump Shrimp Co. It also owns the Houston Rockets. Meanwhile, Caesars controls a vast portfolio of more than 50 casinos across North America, including flagship properties such as Caesars Palace, Harrah’s and Eldorado, alongside a growing online sports betting platform.
Financing structure, market pressures
According to the report, the takeover financing includes between $2 billion and $3 billion in equity, alongside $4 billion to $5 billion in new borrowing secured against assets. The deal structure highlights the scale of the proposed transaction, as well as the continued appetite for consolidation within the global gaming industry.
The talks come at a challenging time for Caesars and the wider Las Vegas market. Falling visitor numbers have weighed on revenues across resorts, hotels and casinos in recent months. At the same time, Caesars has struggled to keep pace in the competitive online betting segment, where rivals such as FanDuel and DraftKings have gained significant market share. Caesars was removed from the S&P 500 index last year, reflecting the company’s declining market capitalisation relative to the benchmark required for inclusion. S&P Dow Jones announced that Caesars no longer met the criteria to remain in the flagship index.
Last year, Caesars Entertainment agreed to pay a $7.8 million fine imposed by Nevada regulators, who accused the company of repeated anti-money laundering failures tied to California bookmaker Mathew Bowyer. Caesars continued to entertain Bowyer at its facilities, including Caesars Palace in Las Vegas, despite years of internal warnings about unverifiable income and high-risk activity. These pressures have increased the appeal of strategic deals that can deliver scale, diversification and operational efficiencies.
Longstanding interest
Fertitta’s interest in Caesars is not new. He previously approached the company in 2018 regarding a potential merger with his gaming and hospitality assets, though those discussions did not result in a deal at the time.
The latest round of talks signals renewed momentum, as both sides explore the potential to create a larger, more competitive entity in an evolving gaming landscape. However, no final agreement has been reached yet.
Stay ahead of iGaming’s biggest stories with SiGMA’s Top 10 News countdown. The world’s biggest iGaming community brings you weekly insights and subscriber-only offers. Join HERE today.
