Caesars Extends Talks for Tilman Fertitta’s $18 Billion Takeover

Global gaming and casino giant Caesars Entertainment extended a period of $18 billion takeover talks with Golden Nugget boss Tilman Fertitta, Bloomberg News reported on Monday.

Bloomberg’s report was based on sources familiar with discussions. The Wall Street Journal reported in March that Fertitta had offered roughly $7 billion in a bid that came in above billionaire investor Carl Icahn's firm, although that number has since been dwarfed.

It was believed that Caesars and Fertitta had been engaged in a 45-day exclusive negotiating window that began in late-February, which, if true, would’ve closed earlier this month.

Caesars could sell to Fertitta

Caesars selling its gaming enterprise would represent quite the change in the industry, to put it mildly.

New Bloomberg reports suggest that Fertitta – who is also the U.S. ambassador to Italy and San Marino and also owns the Houston Rockets – offered $32 per share and is willing to take on more than $11 billion in debt to acquire Caesars.

A March report from a financial news outlet indicated that the offer was being considered, while another report suggested that Fertitta offered closer to $34 per share. 

Fuel was poured on the fire last week when Caesars CEO Tom Reeg did not attend the East Coast Gaming Conference after he had been scheduled as a speaker. However, it’s worth noting that Fertitta’s father, Victor Joseph “Vic” Fertitta Jr., passed away on April 9.

Fertitta spoke about merging with Caesars in 2018 in a deal worth roughly $13 per share, or over $7 billion. Caesars declined the offer but remained open to future bids for its gaming enterprise.

Ups and downs

While Fertitta may have tabled a more competitive bid than the one offered by Icahn, he still faces stiff competition with his rival. Icahn is a major shareholder in Caesars and chose two of the company’s directors.

Caesars (CZR) opened with a stock price of $26.54 at 9:30 a.m. on Monday. News of the potential takeover helped drive the price as high as $28.80 before it settled at $27.65 (+1.58%) at closing at 4:00 p.m., according to Yahoo Finance.

The gaming company operates more than 50 casino-resorts with live-deal table games, slot machines, poker and more in the United States alone. It also has an online sportsbook in 21 states, and an online casino platform in several others. However, like many other gaming operators, it is dealing with an unexpected roadblock centered in the nation’s gambling capital, of all places.

The Las Vegas Convention and Visitors Authority reported that 38.5 million guests visited Las Vegas, Nevada, in 2025, down 7.5 percent from the total reported in 2024. That number is not too dissimilar from the totals reported back in 2000, 2003, and 2003.

Hotel occupancy was down to 80.3 percent, while the average room cost $196.54 per night. Both of those numbers also showed declines from the previous year’s marks. 

Hospitality and casino executives haven’t expressed much concern with the dwindling figures, although they have taken note.