Fertitta Entertainment is in exclusive negotiations to acquire Caesars Entertainment in a potential deal valued at about $6.5 billion, according to sources familiar with the discussions. The negotiations, taking place within a 45‑day exclusive window, are being held at Fertitta’s headquarters in Houston, with the offer structured at $32 per share.
Under the proposed terms, the transaction would involve an enterprise value of roughly $31.5 billion when accounting for Caesars’ substantial debt load. Caesars, a major player in the global gaming and hospitality industry, has struggled financially, reporting net losses for four consecutive quarters, a situation attributed in large part to declining visitor numbers in Las Vegas throughout 2025.
Fertitta Entertainment previously considered offering a higher price per share, with some reports suggesting discussions around $34 per share, a figure that would value the company closer to $7 billion. During the same period, rival suitor Icahn Enterprises, backed by investor Carl Icahn — also submitted an all‑cash bid of about $33 per share, with plans to integrate Caesars’ online operations through a partnership with a digital gambling company.
Neither Fertitta Entertainment nor Icahn Enterprises has made a public comment on the ongoing negotiations, and Caesars has declined to respond to market speculation about the potential acquisition. Industry observers note that the talks have drawn significant attention because of Caesars’ prominent position in the gaming sector and lingering operational challenges that have weighed on its performance.
The deal, if completed, would mark a major consolidation in the gaming and entertainment industry and could reshape the competitive landscape, particularly in Las Vegas where Caesars operates a large portfolio of casinos and resorts. Market analysts have cautioned, however, that negotiations remain preliminary and no agreement is guaranteed as parties work through valuation and debt considerations.