Caesars Considering Buyout Bids, Including One From Tilman Fertitta
Posted on: February 26, 2026, 04:08h.
Last updated on: February 26, 2026, 04:08h.
- Caesars stock surged late Thursday amid reports multiple bidders are eyeing the company
- One of the prospective buyers is rumored to be Tilman Fertitta
- Other Las Vegas casino stocks moved higher in sympathy
On the back of a late day rally, shares of Caesars Entertainment (NASDAQ: CZR) gained 19.11% today on volume that was more than double the daily average amid reports the company is mulling multiple takeover offers.
The Financial Times broke the story, reporting the Harrah’s operator is weighing several buyout bids, including one Tilman Fertitta. Fertitta currently serves as US ambassador to Italy. His company, Fertitta Entertainment, which includes the Golden Nugget casinos, is being run by his ex-wife and other trusted hands.
Citing unidentified sources with knowledge of the matter, The Financial Times also reported that Caesars is also evaluating a management-led buyout. Beyond Fertitta, other prospective suitors were not identified. Caesars is the largest domestic casino operator as measured by number of properties.
One thing is clear: Any deal that results in Caesars being acquired would rank among the largest in gaming industry history because the company closed today with a market capitalization of $4.23 billion and it had $11.9 billion in debt at the end of 2025. That means its enterprise value is north of $16.1 billion. Any buyer would likely need to offer a premium to that figure to get Caesars to the bargaining table. The $17.3 billion 2020 takeover by Eldorado Resorts that resulted in “new Caesars” is one of the largest acquisitions in industry history.
Caesars a Departure from Usual Fertitta Casino Takeover Rumor
While Fertitta’s desire to own a Las Vegas Strip casino hotel is long-running and widely documented, speculation about his potential involvement in acquiring Caesars is a departure from the casino rumor with which he’s often associated.
He’s the largest shareholder of Wynn Resorts (NASDAQ: WYNN). Since initiating his Wynn stake more than three years ago, he’s widely been tied to takeover rumors involving that company, though it was also speculated that upon becoming ambassador to Italy, it was unlikely he’d make a move to buy Wynn outright.
Perhaps in sympathy with Caesars’ surge, shares of Wynn closed higher by 2.48% today. However, Wynn investors may not want to see Fertitta proceed with a takeover of Caesars because it’s possible, though not confirmed, he’d liquidate his Wynn position to finance an acquisition of the Horseshoe operator or be forced by regulators to sell his Wynn shares if he does purchase Caesars.
Fertitta owns about 12% of Wynn shares, which are worth more than $1 billion based on the company’s market value of $11.06 billion.
Caesars/Fertitta Marriage Could Result in Altered Portfolios
For now, it’s just speculation, but a potential marriage of Caesars and Fertitta could result in a dramatic overhaul of the combined portfolio because the companies have considerable geographic overlap. For example, both have gaming venues in Atlantic City, NJ, Lake Charles, La., Lake Tahoe, Nevada and Laughlin, Nevada.
If Fertitta executes a takeover of Caesars, he’d control four casinos on the Atlantic City Boardwalk and three in each of Lake Tahoe and Laughlin — markets that could be ripe for asset sales.
It’d also be interesting to see what Fertitta would do with Caesars Digital, which has been the subject of spinoff chatter. Fertitta is a DraftKings (NASDAQ: DKNG) shareholder by way of that company Golden Nugget Online Gaming (GNOG) in a $1.56 billion all-stock deal that closed in May 2022.
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