Caesars Entertainment acquired by Fertitta Entertainment

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.