TLDR
- Tilman Fertitta has raised his bid for Caesars Entertainment to $34 per share, valuing the casino operator at roughly $7 billion in equity
- Rival bidder Carl Icahn is offering $33 per share, setting up a competitive takeover battle
- Caesars owns over 55 gaming properties across 16 U.S. states, including the iconic Caesars Palace in Las Vegas
- The company carries more than $11 billion in debt and over $20 billion in total liabilities
- If a deal happens, the earliest realistic closing date is likely 2027, and Caesars has not commented on the bids
Two billionaires are now competing to buy Caesars Entertainment, one of the largest casino companies in the United States. The bidding war escalated this weekend when Tilman Fertitta raised his offer to $34 per share.
That bid values Caesars at roughly $7 billion in equity. Fertitta’s Houston-based Fertitta Entertainment owns Landry’s, the Houston Rockets, and Golden Nugget Casinos.
Fertitta also serves as the U.S. Ambassador to Italy. He is a major shareholder in Wynn Resorts and DraftKings and has decades of experience in the casino industry.
His main rival is Carl Icahn, the activist investor who is offering $33 per share. Icahn currently owns about 1.2 percent of Caesars.
Icahn was previously a much larger shareholder with a 15.9 percent stake. He played a key role in the $17.3 billion acquisition that rebranded Eldorado Resorts to Caesars in 2020.
His first offer came in January at $28.50 per share. Fertitta then entered the picture with a higher bid, pushing Icahn to raise his own number.
Caesars Share Price Reacts to Takeover Talk
The takeover battle has moved Caesars’ stock price. Shares closed at $25.02 last Tuesday before climbing to $28.41 yesterday.
That jump came after a 19 percent spike following a Financial Times report that Caesars was weighing takeover offers. Still, the stock has fallen more than 70 percent over the past five years.
Caesars Entertainment operates over 55 gaming properties with land-based locations in 16 U.S. states. Its portfolio includes Caesars Palace in Las Vegas, which first opened in 1966.
The company is carrying a heavy debt load. It ended 2025 with more than $11 billion in debt and just $887 million in cash.
Debt Load Adds Complexity to Any Deal
Analysts point out that when lease obligations are included, Caesars’ total liabilities top $20 billion. That gives the company an enterprise value above $30 billion.
The debt picture makes any acquisition more complicated. A buyer would need to address that financial burden as part of any deal structure.
Neither bid has been rejected so far. Discussions are reportedly ongoing between the parties involved.
If a deal does go through, the earliest possible closing date would be April. However, sources say 2027 is the more realistic timeline.
Caesars Entertainment has not commented on either offer. The company issued a brief statement saying it does not comment on market rumors or speculation.
No formal agreement has been reached with either bidder at this stage.
