US Ambassador to Italy’s Company to Buy Caesars Entertainment for $17.6 Billion

^{Pictured: Tilman Fertitta, US ambassador to Italy}

Fertitta Entertainment has agreed to buy Caesars Entertainment, one of the largest casino and entertainment operators in the United States.

Fertitta Entertainment is owned by businessman Tilman Fertitta, whose holdings include the Golden Nugget casino brand, the Landry’s restaurant group and the NBA’s Houston Rockets. Since 2025, Fertitta has also served as US ambassador to Italy and San Marino.

The deal is valued at about $17.6 billion.

The figure includes about $11.9 billion of Caesars’ debt that will be assumed by the buyer.

Caesars shareholders will receive $31 in cash for each share. Caesars said the price represented a 49% premium to the company’s share price before reports of a possible deal emerged.

Caesars’ board of directors has approved the agreement and recommended that shareholders vote in favour of the transaction. Completion remains subject to shareholder approval and regulatory clearance. Caesars may consider offers from other potential buyers until 11 July 2026.

After the deal closes, Caesars Entertainment shares will no longer trade on the Nasdaq. Caesars’ leadership, including chief executive Tom Reeg, chief financial officer Bret Yunker and president Anthony Carano, is expected to remain in place.

The combined company will operate 60 casinos and gaming properties. It will also include Caesars’ digital platform, online sports betting, iGaming, poker, William Hill’s retail sportsbook business, and more than 600 Fertitta Entertainment restaurants, hotels and entertainment venues.