The discussion period between Caesars Entertainment and business magnate Tilman Fertitta regarding a potential sale is being extended, according to Bloomberg.
Caesars decided to extend its exclusive talks with Fertitta about a potential sale to the billionaire U.S. government official in a deal that could reach total value of roughly $18bn. The extension comes after an initial Wall Street Journal report in March regarding a potential takeover bid by Fertitta, who currently serves as the U.S. ambassador to Italy and San Marino.
Fertitta and Caesars initially agreed to a 45-day exclusive talk window that since expired, leading the gaming giant and the mogul to extend their negotiations.
Fertitta is reportedly offering $32 per share for Caesars. On April 21, shares of Caesars opened at $27.98, giving the company a market cap of roughly $5.6bn. A sale of Caesars to Fertitta is not imminent, but if the parties reach an agreement, a deal will close in 2027.
What a Caesars sale could look like
A potential purchase of Caesars would be completed through Fertitta’s holding company, Fertitta Entertainment. An acquisition of Caesars would add to Fertitta Entertainment’s portfolio of properties that includes the Houston Rockets, Landry’s Inc. and Golden Nugget Casinos.
If Fertitta completes an acquisition of Caesars, the billionaire reportedly plans to merge Golden Nugget Casinos and Landry’s portfolio of restaurants with Caesars to create an entertainment and hospitality giant. A deal for Caesars could be financed using between $2bn and $3bn in equity, with $4bn to $5bn in new borrowing against company assets.
Caesars is an intriguing property for Fertitta, even though an acquisition of the company would include its debt. According to Bloomberg, Fertitta would take on more than $11bn in debt accrued by Caesars. In 2025, the company reported a net loss of $502m.
By comparison, its net loss in 2024 reached $278m. Full-year revenue for the Las Vegas-based company in 2025 reached $11.5bn, up from $11.2bn for the year prior.
SBC Americas reached out to Caesars about a potential sale to Fertitta and the extension of exclusive talks with the billionaire, but has not yet received a response.
Potential competition for Fertitta
Caesars is in exclusive talks with Fertitta, but another bidder wants in on the action.
Billionaire businessman and investor Carl Icahn submitted an all-cash offer for Caesars through his holding company, Icahn Enterprises. The offer is set at around $33 per share, but Icahn is sitting on the sidelines as Caesars and Fertitta hold exclusive talks.
Icahn is a shareholder in Caesars, acquiring a minority stake in the company in 2019. The Wall Street investor previously advocated for a sale of Caesars the same year he acquired a minority stake in the company amid buyer interest.
Icahn acquired a 20% stake in Caesars in 2019 before reducing his position a year later amid the merger between Caesars and Eldorado Resorts. He reinvested in 2024.
Fertitta agrees to major sports acquisition
Fertitta is exploring a Caesars deal after agreeing to purchase the Connecticut Sun.
The Mohegan Tribal Gaming Authority agreed to sell the WNBA franchise to Fertitta and his family in a deal valued at $300m, marking the highest sale price ever for a WNBA team.
The looming transaction provides Mohegan with $150m upon closing of the deal. The authority will receive the remaining $150m on or before Dec. 31, 2026.
As part of the transaction, Fertitta is relocating the Sun to Houston, Texas. The team will also undergo a rebranding, with the franchise becoming the Houston Comets in 2027.
