Tilman Fertitta Raises Caesars Takeover Bid to $34

Tilman Fertitta has raised his offer to acquire Caesars Entertainment, proposing a price of US$34 per share. The revised bid values the major U.S. casino operator at approximately US$7 billion in equity.

Fertitta, the billionaire behind Fertitta Entertainment, is emerging as a leading contender in a developing takeover battle for one of the largest gaming companies in the United States. His business empire includes ownership of Landry’s, the Houston Rockets and Golden Nugget Casinos.

In addition to his business interests, Fertitta currently serves as the U.S. ambassador to Italy and holds significant stakes in both Wynn Resorts and DraftKings.

Rival Bid from Carl Icahn

Fertitta’s main competitor in the potential takeover is activist investor Carl Icahn, who has reportedly offered US$33 per share for Caesars.

Caesars operates more than 55 gaming venues across 16 U.S. states. Its portfolio includes the well-known Caesars Palace in Las Vegas, which opened in 1966 and remains one of the most recognisable casino properties in the world.

Neither proposal has been rejected so far and discussions are said to be continuing, leaving the final outcome uncertain.

Icahn currently owns around 1.2% of Caesars but previously held a much larger stake of 15.9%. He played a significant role in the US$17.3 billion merger that saw Eldorado Resorts acquire and rebrand the company as Caesars Entertainment in 2020.

Reports suggest Icahn is now aiming to rebuild his influence within the business. His initial proposal in January valued Caesars at US$28.50 per share before Fertitta responded with a higher bid.

Share Price Reacts to Takeover Speculation

The competing offers have contributed to volatility in Caesars’ share price. The stock closed at US$25.02 earlier in the week before rising to US$28.41 as takeover discussions intensified.

The company’s shares had previously jumped nearly 19% after the Financial Times reported that Caesars was evaluating potential acquisition proposals. Despite the recent movement, the stock has declined more than 70% over the past five years.

Debt Adds Complexity to Potential Deal

Caesars’ financial structure could complicate any acquisition attempt. By the end of 2025, the company carried more than US$11 billion in debt while holding around US$887 million in cash.

Analysts estimate that total liabilities, including lease commitments, push Caesars’ overall debt burden beyond US$20 billion. This places the company’s enterprise value above US$30 billion.

If a transaction ultimately proceeds, the earliest possible closing date could be April, though some sources suggest a timeline extending to 2027 is more realistic.

For now, Caesars Entertainment has declined to comment on the reports, maintaining its usual position that it does not respond to market speculation.