Tilman Fertitta Eyes $7B Caesars Casino Takeover

Houston billionaire Tilman Fertitta is reportedly making another run at one of the casino industry’s biggest names.

Fertitta Entertainment is in talks to acquire Las Vegas-based Caesars Entertainment in a deal valuing the company at roughly $7 billion, according to the Wall Street Journal. The discussions center on an offer of about $34 per share for Caesars, though the talks remain preliminary and may not result in a transaction.

The bid would mark a dramatic expansion for Fertitta’s hospitality empire, which already spans restaurants, casinos and sports. Caesars owns or operates more than 50 resorts and casinos across the U.S., including marquee properties on the Las Vegas Strip and in regional gaming markets, according to the publication.

Caesars has also fielded an offer from billionaire activist investor Carl Icahn’s New York-based Icahn Enterprises, which is said to be offering roughly $33 per share.

Representatives for Fertitta declined to comment on the talks.

If completed, Fertitta’s deal would significantly scale up Fertitta Entertainment, the Houston-based conglomerate behind the Golden Nugget casino brand and restaurant giant Landry’s. The outlet reported that the privately held company already controls more than 600 hospitality venues worldwide, including restaurant chains such as Morton’s The Steakhouse and Saltgrass Steak House, along with hotels, casinos and entertainment properties.

A Caesars acquisition would fold dozens more gaming resorts into that portfolio, creating one of the largest privately controlled hospitality platforms in the country.

Fertitta is no stranger to Caesars. In 2018, he proposed merging his Golden Nugget casino chain with the company, but Caesars rejected the offer. Reports surfaced again in 2019 that Fertitta was weighing another bid, according to the outlet.

The Houston billionaire has continued building his influence across the gaming sector in recent years. In November 2024, he boosted his stake in Wynn Resorts to 9.9 percent, becoming the Las Vegas casino operator’s largest shareholder.

The potential Caesars deal also comes during an unusual chapter in Fertitta’s career. Earlier this year he stepped back from day-to-day leadership roles across his companies after being confirmed as the U.S. ambassador to Italy and San Marino, a post he was nominated to by President Donald Trump. Fertitta retained a passive ownership stake in his businesses.

Icahn’s competing bid also carries Texas ties. Through Icahn Enterprises, the activist investor has deepened his presence in Houston’s energy sector, according to the publication, boosting his ownership stake in Sugar Land-based refining firm CVR Energy and previously taking major positions in companies such as Occidental Petroleum and Cheniere Energy.

— Eric Weilbacher