Caesars Entertainment shareholders approve $17.6B Fertitta takeover

Caesars Entertainment shareholders have approved a proposed $17.6 billion acquisition by Tilman Fertitta’s holding company, which would take the casino giant private. The merger, which includes the assumption of approximately $11.9 billion in debt, was approved by roughly 65.4 percent of shareholders during a special meeting held in Reno, Nevada.

Under the terms of the all-cash deal, Caesars shareholders will receive $31 per share. The transaction would consolidate Fertitta’s existing gaming assets, such as the Golden Nugget, with Caesars’ extensive portfolio, which includes major Las Vegas Strip properties like Caesars Palace, Flamingo, and Harrah’s.

Despite the shareholder approval, the deal faces several remaining hurdles. It must clear regulatory reviews from the Federal Trade Commission (FTC) to address potential antitrust concerns, as well as approval from various state-level gaming commissions. The merger could also lead to the sale of certain properties if regulators determine the combined entity holds excessive market concentration.