Caesars Shareholders Approve $17.6 Billion Fertitta Entertainment Buyout

Shareholders of Caesars Entertainment approved a $17.6 billion acquisition by Fertitta Entertainment during a special meeting held at the Eldorado hotel-casino in Reno, Nevada. The proposal received 133,313,001 votes in favor, representing approximately 65.4 percent of all outstanding shares, while 4 million votes were against the deal.

Under the terms of the transaction, shareholders will receive $31 in cash per share. The total deal value includes a $5.7 billion payment and the assumption of approximately $11.9 billion in Caesars debt. Investors chose this bid over a higher $34-per-share offer from Carl Icahn, viewing the Fertitta proposal as less complex and less reliant on debt financing. Upon completion, Caesars will be delisted from Nasdaq and become a privately held company.

The merger remains subject to regulatory approval. The Federal Trade Commission has issued a second request for information, extending the federal antitrust review process. Regulators may require the divestiture of certain properties due to market overlap in Atlantic City, Las Vegas, and Lake Tahoe. While a target closing date of June 26, 2027, has been mentioned, a final date has not been announced. Following the merger, Golden Nugget properties are expected to integrate into the Caesars Rewards network.