Billionaire casino mogul and one of the world’s richest restaurateurs, Tilman Fertitta, has increased his bid for Caesars Entertainment to US$34 (£25.43) per share this weekend – valuing the storied casino operator at roughly US$7 billion (£5.24bn) in equity.
Fertitta’s Houston-based Fertitta Entertainment, which owns Landry’s, the Houston Rockets, and Golden Nugget Casinos, is now the front-runner in what is shaping up to be a high-stakes bidding war for one of the largest casino companies in the U.S.
Alongside serving as the U.S. Ambassador to Italy, Fertitta is also a major shareholder in Wynn Resorts and DraftKings and has a long history in casino operations.
Fertitta’s main rival at the takeover table is activist investor Carl Icahn, who at the last count was offering US$33 (£24.68) per share.
Caesars Entertainment’s portfolio includes over 55 gaming properties with land-based establishments in 16 U.S. states, as well as the iconic Las Vegas Caesars Palace, which first opened in 1966.
So far, neither bid has been rejected, with discussions reportedly ongoing, meaning there’s everything to play for.
Icahn, who currently owns about 1.2 percent of Caesars, was previously a major shareholder with a 15.9 percent stake and played a key role in the US$17.3 billion (£12.93 bn) acquisition that rebranded the company from Eldorado Resorts to Caesars in 2020.
He is now reportedly seeking to regain influence over the company. His first offer, made in January, was US$28.50 (£21.31) per share before Fertitta raised the stakes with a higher bid.
The rivalry has caused Caesars’ share price to fluctuate. Shares closed at US$25.02 (£18.71) last Tuesday before climbing to US$28.41 (£21.25) yesterday, reflecting growing investor anticipation as takeover talks intensified over the weekend.
This follows a 19 percent jump after the Financial Times reported that Caesars was “weighing takeover offers”, though the stock has fallen more than 70 percent over the past five years.
Adding complexity, Caesars is heavily leveraged, rounding out 2025 with over US$11 billion (£8.23bn) in debt against just US$887 million (£664.3m) in cash.
Analysts note that Caesars’ total liabilities, including lease obligations, put its debt load above US$20 billion (£14.96bn), giving the company an enterprise value in excess of US$30 billion (£22.4bn).
If a deal goes through–and it’s far from guaranteed–the earliest possible closing date is April, though sources suggest 2027 is a more likely target.
To date, Caesars Entertainment has not commented, stating only that: “As a matter of policy, we do not comment on market rumours or speculation.”
