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Caesars Entertainment has entered into a definitive agreement to be acquired by Fertitta Entertainment in a $17.6 billion all-cash transaction. The deal would combine one of the largest U.S. casino operators with a growing hospitality and entertainment platform spanning gaming, dining and live experiences.

Under the terms of the agreement announced May 28, Caesars shareholders will receive $31 per share in cash, a 49% premium to the company’s unaffected trading price before deal speculation. The transaction also includes the assumption of roughly $11.9 billion in debt. Caesars’ board has approved the deal and is recommending shareholder approval.

The combined company would operate about 60 casino resorts and gaming properties alongside more than 600 restaurants and entertainment venues tied to Landry’s and other Fertitta brands. In New Jersey, it would include four casino resorts.

Caesars’ current leadership team, including CEO Tom Reeg, is expected to remain in place following closing.

If completed, Caesars would become privately held under the combined ownership structure. The company would also no longer be listed on the Nasdaq.

New Jersey presence

In New Jersey, Caesars’ footprint includes three Atlantic City casino resorts — Caesars Atlantic City, Harrah’s Resort Atlantic City and Tropicana Atlantic City. Each offers on-property Caesars Sportsbook retail lounges. Fertitta’s current in-state properties include Golden Nugget Hotel and Casino in AC.

Caesars also operates a flagship retail sportsbook at Monmouth Park that opened in November. The banner’s physical sportsbooks connect directly into Caesars’ statewide mobile betting platform, the Caesars Sportsbook app. The connectivity allows users to wager across New Jersey on live and pre-game markets. It also integrates with the company’s rewards ecosystem.

Beyond sports betting, Caesars runs a regulated iGaming business in New Jersey through its online casino platforms. Caesars Palace Online Casino and Horseshoe Online Casino offer slots, table games and live dealer content — extending the casino floor experience into digital channels.

Next steps in the acquisition include a shareholder vote following the board’s recommendation, regulatory approvals across multiple jurisdictions, and a go-shop period through July 11 during which Caesars can evaluate competing bids before the transaction advances toward closing.