Tilman Fertitta, the Texas billionaire and current US ambassador to Italy, is expanding his business empire with the acquisition of Caesars Entertainment, the company behind the iconic Caesars Palace in Las Vegas. The deal is valued at approximately $17.6 billion, making it one of the largest transactions in the gaming and hospitality sector in recent years.
Under the agreement, Fertitta Entertainment will pay around $5.7 billion in cash for Caesars’ shares, valuing them at $31 per share, while also assuming roughly $11.9 billion in existing company debt. Following the announcement, Caesars’ stock rose modestly on Wall Street.
The current leadership team at Caesars, including CEO Tom Reeg and CFO Bret Yunker, is expected to remain in place after the acquisition is finalized. The Carano family, which owns about 5% of Caesars, has also agreed to reinvest part of its proceeds into Fertitta’s broader business operations.
The acquisition adds more than fifty resorts and casinos to Fertitta’s growing portfolio, which already includes the Golden Nugget casino chain, numerous restaurant brands such as Landry’s, Bubba Gump Shrimp, Morton’s The Steakhouse, and Mastro’s, as well as the NBA franchise Houston Rockets.
Earlier this year, Fertitta Entertainment also announced a $300 million deal to acquire the WNBA team Connecticut Sun, with plans to relocate the franchise to Houston beginning in 2027.
Fertitta, whose family traces its origins to the Sicilian town of Cefalù, is widely considered one of the wealthiest restaurateurs in the world, with an estimated net worth between $11 billion and $13 billion. The Caesars acquisition further strengthens his position as a major player in the global hospitality, entertainment, and gaming industries.