Largest Shareholder of Wynn Resorts Could Become Owner of Caesars Entertainment

^{Billionaire Tilman Fertitta, the largest shareholder of Wynn Resorts Ltd.}

U.S. casino operator Caesars Entertainment Inc. is exploring a potential sale of its business, Bloomberg reported, citing the Financial Times.

The company is evaluating a range of strategic options, including a full sale and a possible management buyout. Such a transaction would involve the current executive team acquiring the company or a controlling stake, typically with the support of external investors or debt financing.

Caesars operates the Caesars Palace casino resort in Las Vegas, along with a portfolio of other properties. The group also has a growing digital division, which includes the Caesars Sportsbook platform and the online casinos Caesars Palace Online Casino and Horseshoe Online Casino.

The company is currently led by a management team that previously ran El Dorado Resorts, a U.S.-based casino and hospitality operator. In 2020, El Dorado completed its acquisition of Caesars, with the combined entity continuing under the Caesars Entertainment Inc. brand.

Among the potential bidders is billionaire Tilman Fertitta. He owns the Golden Nugget casino chain and restaurant group Landry’s, and is the largest shareholder in Wynn Resorts Ltd., one of the largest casino operators in the United States. Fertitta also serves as the U.S. ambassador to Italy.

Shares of Caesars rose 19.1% to $24.74 following reports of a possible sale, marking the company’s largest single-day gain since May 2020.

Earlier, Gambling Park reported that Evoke was considering the sale of operators William Hill and 888.