Caesars Entertainment is one of those names that feels woven into the fabric of American culture. The brand, the palace, the loyalty program — it’s everywhere. But right now, the question of who actually owns Caesars Entertainment is more interesting than it has ever been, because the answer just changed — literally yesterday.
The short answer: On May 28, 2026, Caesars Entertainment announced it has entered into a definitive agreement to be acquired by Fertitta Entertainment, Inc. in an all-cash transaction valued at approximately $17.6 billion, including the assumption of approximately $11.9 billion of Caesars’ outstanding debt. Here’s the full story.
Caesars Entertainment — Company Highlights
| Full Name | Caesars Entertainment, Inc. |
| Formerly Known As | Eldorado Resorts, Inc. (until 2020) |
| Founded | 1937 (as Harrah’s Club, Reno, Nevada) |
| Headquarters | Reno, Nevada, USA |
| Stock Ticker | NASDAQ: CZR (pending delisting post-acquisition) |
| Current Owner (Pending) | Fertitta Entertainment, Inc. |
| CEO | Tom Reeg |
| Revenue | $11.2 billion (2024) |
| Employees | ~50,000 |
| Known For | Caesars Palace, Harrah’s, Horseshoe, Paris Las Vegas, Flamingo, Caesars Rewards loyalty program |
Who Owns Caesars Entertainment?
Fertitta Entertainment, the Houston-based company owned by billionaire Tilman Fertitta, has agreed to acquire Caesars Entertainment in an all-cash transaction valued at approximately $17.6 billion. The deal, announced on May 28, 2026, would represent the largest casino acquisition in United States history and bring together two of the most prominent names in American gaming and hospitality.
Until this deal closes, Caesars Entertainment remains a publicly traded company on NASDAQ (ticker: CZR), formerly known as Eldorado Resorts, Inc., with Thomas Reeg serving as CEO and Gary Carano as Executive Chairman.
| Owner / Entity | Ownership Type | Period | Notes |
|---|---|---|---|
| Bill Harrah / Harrah’s | Founder | 1937–1980s | Founded as Harrah’s Club in Reno |
| Carano Family / Eldorado Resorts | Private/Public | 1973–2020 | Built Eldorado Hotel; merged with Caesars in 2020 |
| Public Shareholders (NASDAQ: CZR) | Public Company | 2020–Present | Largest holders include Vanguard, BlackRock |
| Fertitta Entertainment | Pending Acquisition | 2026 (announced) | $17.6B all-cash deal; pending regulatory approval |
The Breaking News — Fertitta Entertainment’s $17.6 Billion Deal
The transaction consists of $5.7 billion in cash equity paired with Fertitta assuming $11.9 billion of Caesars’ existing debt load. Shareholders will receive $31 per share in cash, a steep premium following months of bidding rumors involving rival investors like Carl Icahn. To ensure a seamless transition and safeguard operational efficiency, Caesars’ existing executive leadership team is slated to stay in place.
The agreement also includes a “go-shop” period through approximately July 11, 2026, during which time Caesars and its advisers may solicit and consider alternative acquisition proposals from third parties. If completed, Caesars Entertainment stock would no longer trade on the NASDAQ exchange.
The Caesars Board of Directors unanimously approved the transaction and is recommending that shareholders vote in favor of the merger. The Carano family, which holds approximately five percent of Caesars’ outstanding shares, has agreed to roll a portion of its equity stake into the combined entity.
Who Is Tilman Fertitta?
Tilman Fertitta built his wealth through strategic acquisitions in the restaurant and hospitality industry. Starting with a $6,000 bank loan at age 23, he grew Landry’s from a single restaurant chain into a 600+ property empire. He expanded into casinos with Golden Nugget and purchased the Houston Rockets in 2017 for $2.2 billion.
Fertitta Entertainment was founded by Houston billionaire Tilman Fertitta, who in April 2026 was confirmed as U.S. Ambassador to Italy and San Marino. Along with Golden Nugget casinos and Landry’s, Inc., the company’s holdings include The Post Oak Hotel at Uptown Houston, the Downtown Aquarium in Houston, Kemah Boardwalk, Galveston Island Pleasure Pier and the NBA’s Houston Rockets.
He also purchased the Connecticut Sun WNBA team in March 2026 and plans to relocate them to Houston as the Comets. Fertitta owns more than 600 restaurant and hospitality properties across 36 states and 15+ countries through Landry’s Inc. His portfolio includes Morton’s The Steakhouse, Rainforest Cafe, Bubba Gump Shrimp Co., McCormick & Schmick’s, Mastro’s, and many more brands.
Key Milestones & History
| Year | Milestone |
|---|---|
| 1937 | William F. ‘Bill’ Harrah opens Harrah’s Club in Reno, Nevada — the roots of what will become Caesars Entertainment |
| 1966 | Caesars Palace opens in Las Vegas, setting a new industry standard with its immersive Roman Empire theme |
| 1973 | The Carano family establishes the Eldorado Hotel in Reno, with Don Carano as a key investor — another key lineage in Caesars’ formation |
| 1997 | Launch of the Harrah’s rewards program — a pivotal moment in customer relationship management within gaming |
| 2015 | Caesars’ largest operating unit files for Chapter 11 bankruptcy protection, leading to the foundation of Vici Properties |
| 2020 | Eldorado Resorts completes its acquisition of Caesars Entertainment Corporation, creating the largest casino and entertainment company in the U.S., and adopts the Caesars Entertainment name |
| March 2025 | Two new independent directors from Icahn Enterprises join the Caesars Board after an agreement with Carl Icahn |
| May 28, 2026 | Caesars announces definitive agreement to be acquired by Fertitta Entertainment in a $17.6 billion all-cash deal |
What Does the Combined Company Look Like?
The deal combines Fertitta’s well-known Golden Nugget casino brand with all of the properties in the Caesars portfolio, including Las Vegas hotels Caesars Palace, Harrah’s, Paris Las Vegas, Planet Hollywood, Horseshoe, The LINQ Hotel, Flamingo, and The Cromwell. Overall, the combined company will include 60 domestic casino resorts and gaming facilities; online gaming including sports betting, iCasino, and Caesars’ online poker platform; retail sports betting at over 200 third-party locations through the William Hill brand; and over 550 Fertitta Entertainment outlets.
Leadership — Then and Now
Caesars Entertainment CEO Tom Reeg, CFO Bret Yunker, and President and COO Anthony Carano, as well as other members of the corporate management team and property-level management and personnel are expected to remain in their roles and continue to lead Caesars Entertainment operations at the combined company.
My Take on Caesars Entertainment
Caesars Entertainment is one of those brands that’s been through everything — boom years, bankruptcy, mega-mergers, and now the biggest casino acquisition in American history. What’s remarkable is that through all of it, the brand has survived and stayed relevant. Tilman Fertitta is a proven empire-builder who turned a $6,000 loan into a $10+ billion hospitality machine. If anyone can take Caesars to the next level, the argument can certainly be made for him. But $17.6 billion is an enormous bet — the largest in casino history — and combining two massive operations always comes with integration risks. The go-shop period runs until July 11, 2026, so there’s still a chance a rival bidder could emerge. Watch this space.
Frequently Asked Questions
Q: Who owns Caesars Entertainment right now?
As of today, Caesars Entertainment is still a publicly traded company on NASDAQ (CZR), with an agreement in place to be acquired by Fertitta Entertainment — but the deal has not yet closed.
Q: Who is buying Caesars Entertainment?
Fertitta Entertainment, Inc., owned by Houston billionaire Tilman Fertitta, announced a $17.6 billion all-cash deal to acquire Caesars on May 28, 2026.
Q: How much is the Caesars acquisition deal worth?
The deal is valued at approximately $17.6 billion, including the assumption of $11.9 billion in existing Caesars debt. Shareholders receive $31 per share in cash.
Q: Is this the biggest casino deal in history?
Yes. If completed, it will be the largest casino acquisition in U.S. history.
Q: Will Caesars’ management change after the acquisition?
No major changes are expected. Tom Reeg and the existing leadership team are slated to remain in their current roles.
Q: What brands does Caesars own?
Caesars Palace, Harrah’s, Horseshoe, Paris Las Vegas, Planet Hollywood, Flamingo, The LINQ Hotel, The Cromwell, and the William Hill sports betting brand, among others.
Q: Who is Tilman Fertitta?
A Houston-based billionaire, CEO of Fertitta Entertainment, owner of the Houston Rockets, and currently serving as U.S. Ambassador to Italy. His portfolio includes Golden Nugget casinos, Landry’s restaurants, Morton’s, Rainforest Cafe, and 600+ other properties.
