At what enterprise value was Caesars Entertainment acquired in 2026?

During the acquisition of Caesars Entertainment by Fertitta Entertainment in 2026, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 3b - 100b USD. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Retail & Consumer industry currently tracks an average EBITDA multiple of 11.0x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of Caesars Entertainment when it was acquired by Fertitta Entertainment?

The estimated EV/EBITDA multiple for Caesars Entertainment is in the range of below 5x. For comparison, the Retail & Consumer sector currently shows an average EBITDA multiple of 11.0x. Join our community for free to access full valuation data and industry trends.

What was the revenue of Caesars Entertainment at the time of the deal?

The revenue of Caesars Entertainment at the time of the deal is estimated to be in the range of 5b - 100b USD. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of Caesars Entertainment during the acquisition?

Caesars Entertainment's EBITDA is estimated to be in the range of 2.5b - 5b USD. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the Caesars Entertainment acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the Caesars Entertainment deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://investor.caesars.com/news-releases/news-release-details/caesars-entertainment-enters-agreement-be-acquired-fertitta

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Home Database Retail & ConsumerCaesars Entertainment

05/2026

Caesars Entertainment acquired by Fertitta Entertainment

UNITED STATES Gambling & Betting EV 3b - 100b USD

Context

Fertitta Entertainment acquires Caesars Entertainment, the largest casino and entertainment company in the United States, in an all-cash transaction that transforms the public company into a privately held entity. The transaction, announced in May 2026, combines the casino, hotel, restaurant, entertainment, and digital betting networks of both groups under a single hospitality platform. The combination creates an expanded loyalty ecosystem connecting casinos, hotels, restaurants, entertainment venues, and digital betting platforms. The Caesars Rewards, Golden Nugget's 24 Karat Select Club, and Landry's Select Club loyalty programs are intended to be combined, enabling unified customer recognition across a much larger set of places to stay, play, dine, and wager. This integration aims to multiply the occasions on which an identified guest can be activated and to maximize value per known customer. Caesars' leadership team, including CEO Tom Reeg and COO Anthony Carano, is expected to retain their roles and continue leading Caesars operations within the combined company. The Carano family, which owns approximately 5% of Caesars' equity, has agreed to roll a portion of their equity interests into Fertitta Entertainment. This management continuity limits operational disruption risks during the regulatory approval period and provides Fertitta with an experienced management bench familiar with Caesars' estate and regulatory relationships.

Caesars Entertainment, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level LOGIN than the average currently observed in the Retail & Consumer sector (11.0x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Caesars Entertainment is an American casino and entertainment company, based in Reno, Nevada. Founded in 1937, Caesars has become the largest casino and entertainment company in the United States, operating a national network of resorts, hotels, and casinos across multiple gaming jurisdictions. Caesars' portfolio includes iconic properties such as Caesars Palace, Harrah's, Horseshoe, and Eldorado. The company operates eight locations on the Las Vegas Strip, including Caesars Palace, Harrah's, Paris Las Vegas, Planet Hollywood, Horseshoe, The LINQ Hotel, Flamingo, and The Cromwell, along with a collection of regional casinos throughout the country. Caesars offers diversified gaming experiences, world-class entertainment, and premium hospitality services. Beyond physical casinos, Caesars has developed a comprehensive digital platform including sports betting, iCasino, and poker through Caesars Digital. The company also operates the William Hill brand with more than 200 retail sports betting locations. The Caesars Rewards loyalty program, one of the largest in the industry, connects the company's entire ecosystem and enables customers to earn and redeem rewards across all properties and digital platforms.

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Similar deals in Retail & Consumer

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
07/2026	BANIJAY GROUP	JOA	FRANCE	Gambling & Betting	Blackstone has announced the sale of its entire ownership interest in JOA to Banijay Gaming, bringing to a close nearly nine years of ownership of France’s second-largest casino operator by number of venues. The transaction represents a new chapter for JOA following a period of expansion driven by organic growth and selective acquisitions that strengthened its position in the French regulated gaming market. For Banijay Gaming, the acquisition forms part of a broader strategy to build an integrated European gaming platform
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11/2023	GROUPE FDJ	PREMIER LOTTERIES IRELAND (PLI)	IRELAND	Gambling & Betting	Groupe FDJ has finalized the acquisition of 100% of the share capital of Premier Lotteries Ireland (PLI) for a total consideration representing a strategic move into the international lottery market. This acquisition marks FDJ’s first major venture as a foreign national lottery operator, securing the exclusive rights to the Irish National Lottery through 2034. The strategic rationale for the deal is to capitalize on the high degree of operational and philosophical alignment between the two organizations, particularly regarding responsible gaming and community redistribution
09/2022	GROUPE FDJ	ZETURF GROUP	FRANCE	Gambling & Betting	Groupe FDJ announced the acquisition of 100% of ZEturf Group to strategically enter the online horse racing and poker markets. This transaction is a key component of FDJ’s broader ambition to become a dominant player in the competitive online gaming sector, moving beyond its traditional lottery roots. By acquiring ZEturf, FDJ becomes the fourth-largest operator in the French competitive online gaming market, with a combined market share exceeding 10%. The strategic rationale centers on horizontal integration in a mature market, allowing FDJ to double its competitive online revenue through a single "bolt-on" acquisition
12/2020	GAMENET GROUP	LOTTOMATICA	ITALY	Gambling & Betting	IGT’s Italian B2C businesses has been acquired by Gamenet Group, a subsidiary of the Apollo-backed Gamma Bidco. Strategically, this acquisition marks the creation of the undisputed market leader in the Italian gaming sector, effectively doubling the group’s size and significantly enhancing its competitive moat across online and retail channels. The rationale for the deal centers on achieving significant cost synergies—projected at up to 50 million EUR annually within 24 months—and the vertical integration of high-quality B2C assets
10/2017	BLACKSTONE	JOA	FRANCE	Gambling & Betting	Blackstone has completed the acquisition of JOA, one of France’s leading casino operators. The transaction follows a competitive sale process and marks a new phase in the company’s development after a period of restructuring and repositioning that strengthened its market position and operational foundations. For Blackstone, the investment is consistent with its strategy of backing established businesses operating in regulated markets with attractive consolidation opportunities. The firm intends to support JOA’s next stage of growth by building on the strength of its brand, nationwide casino network and complementary portfolio of gaming, hospitality and digital entertainment activities

REFERENCES

Valuation range: EV 3b - 100b USD

Revenue range: 5b - 100b USD

EBITDA range: 2.5b - 5b USD

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Caesars Entertainment by Fertitta Entertainment are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Target: caesars entertainment

Acquirer: fertitta entertainment