U.S. government official and billionaire Tilman Fertitta is exploring a takeover bid of Caesars Entertainment, according to a report from the Wall Street Journal.
The WSJ claims the U.S. Ambassador to Italy and San Marino is exploring an acquisition of Caesars through his company, Fertitta Entertainment, in a deal that could fetch approximately $7bn. Fertitta’s potential bid would reportedly surpass an offer for the hospitality and gaming giant submitted by billionaire businessman and investor Carl Icahn.
Fertitta was first rumored to be a potential bidder for Caesars last month.
Potential bidding war for Caesars
Icahn’s bid was an all-cash offer made through his holding company, Icahn Enterprises, says the WSJ. The offer is set at roughly $33 per share. By comparison, Fertitta’s offer is $34 per share.
Icahn is a shareholder in the company, having acquired a minority stake in Caesars in 2019 and has advocated for a sale of the company.
The WSJ report stressed that no sale to Icahn or Fertitta is imminent, and any potential deal could also dissolve.
Caesars’ stock price hovered around $28 on March 12, giving it a market cap of $5.8bn. However, the company’s stock price has declined by nearly 28% over the last 12 months.
Recent financial results for Caesars
Fertitta is exploring a takeover bid for Caesars after the company’s digital segment reached profitability in 2025, behind $1.41bn in annual revenue, a 21% increase year-over-year.
Adjusted EBITDA for Caesars in 2025 reached $236m, up from $117m for the year prior. Company-wide revenue for Caesars closed at $11.5bn in 2025, up from $11.2bn in 2024.
Caesars reported a net loss of $502m in 2025, compared to $278m for the year prior.
Caesars would bolster Fertitta’s business portfolio
Fertitta Entertainment’s potential acquisition of Caesars would provide the holding company with another major casino and hospitality company. Fertitta Entertainment is the current owner of Golden Nugget Casinos, securing a deal in 2005 for the company.
Fertitta Entertainment is also the owner of Landry’s, Inc. and the Houston Rockets. The holding company’s owner also holds a stake in Wynn Resorts that was acquired through Wynn’s buyback program.
Fertitta currently owns a roughly 12.3% stake in Wynn, making him the largest single shareholder in the Nevada-based casino and hotel company.
According to Bank of America analyst Shaun Kelly, Fertitta could leverage his minority stake in Wynn to facilitate a takeover purchase of Caesars.
Fertitta dives into US politics
Last year, Fertitta stepped down as Chief Executive Officer of Fertitta Entertainment after being presented with the opportunity to become a U.S. ambassador. He was confirmed by the Senate in April 2025 as an ambassador under President Donald Trump.
In addition to stepping down as CEO, Fertitta relinquished his roles at the Better Business Bureau of Metropolitan Houston, Inc., the Clutch City Foundation and the Tilman and Paige Fertitta Family Foundation.
He also made divestments from Warner Bros., Discovery, Coca-Cola and Disney. Fertitta, who has a net worth of $11.5bn, per Forbes, maintains control of the Rockets.
