Dive Brief:
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Approval of Acquisition: At a special meeting on Tuesday, Caesars Entertainment stockholders approved Fertitta Entertainment’s acquisition of the casino operator, as noted in a SEC filing.
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Voting Details: Approximately 143.28 million shares, representing 70.3% of Caesars’ outstanding shares, were voted in favor of the $17.6 billion deal. Fertitta had entered a definitive agreement to acquire Caesars on May 28.
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Next Steps: Fertitta faces several challenges before the acquisition can be finalized, including regulatory hurdles. The deal combines both companies’ resort, gaming, entertainment, and restaurant portfolios, aiming to take Caesars private.
Dive Insight:
The vote at the Eldorado Resort & Casino in Reno followed initial approval from Caesars’ board in May. Fertitta plans to pay about $5.7 billion for Caesars, along with assuming $11.9 billion of the company’s debt, which totals the deal’s value at $17.6 billion.
Caesars shareholders are expected to receive $31 per share if the deal closes by June 26, 2027, with additional compensation provisions for later closings.
For the acquisition to succeed, Fertitta must secure antitrust clearance from the Federal Trade Commission (FTC) and obtain approvals in jurisdictions where Caesars operates, a process that could take up to 10 months.
This acquisition would merge approximately 60 domestic casino resorts and gaming facilities and incorporate both companies’ sports betting platforms, along with over 550 Fertitta Entertainment locations.
