Caesars Shareholders Approve $17.6B Fertitta Takeover
Caesars Entertainment shareholders overwhelmingly approved Tilman Fertitta's $17.6 billion offer to take the casino giant private, the company confirmed following a special meeting held September 23 at the Eldorado Resort and Casino in Reno. The vote clears one of the deal's biggest remaining hurdles, though the transaction still needs to clear federal antitrust review before it can close.
How the vote broke down
Roughly 133.3 million shares were voted in favor, against 4.3 million opposed and 5.7 million abstentions — a quorum of about 70.3% of Caesars' 203.78 million outstanding shares. The $31-per-share offer represents a roughly 49% premium over Caesars' stock price in February, before the deal was announced, and beat out a competing $34-per-share bid that investor Carl Icahn had floated in July. Shareholders and their advisors reportedly favored Fertitta's offer in part because it was viewed as less complex and less reliant on debt financing than the alternative.
What still has to happen before it closes
The deal now moves to a Federal Trade Commission antitrust review that's already underway — the FTC issued a "second request" for additional information on September 14, which extends the standard Hart-Scott-Rodino waiting period by roughly 30 days once Caesars and Fertitta fully comply. Regulators are expected to scrutinize market overlap closely: Caesars and Fertitta's Golden Nugget properties both operate in six shared markets, including three in Nevada, plus Atlantic City, Biloxi, and Lake Charles, and analysts have floated the possibility of required divestitures in some of those markets. Fertitta also still needs to lock in roughly $6.6 billion in acquisition financing — a $2 billion revolving credit facility plus $4.6 billion in term and bridge loans — a process complicated by the current interest-rate environment. The deal is expected to close on or before June 26, 2027; if it slips past that date, a daily "ticking fee" of just over $0.007 per share applies until closing.
Why it matters to bettors and players
Caesars operates one of the largest retail and online sportsbook and casino footprints in the US, and a change of control at the parent company is the kind of event that can eventually reshape a brand's ownership priorities, loyalty program, or market footprint — even though nothing about the day-to-day Caesars Sportsbook or Caesars Rewards product changes as a direct result of today's vote. The more immediate open question is which markets, if any, end up facing forced divestitures once the FTC review concludes, since that could determine whether Caesars keeps its current footprint intact in overlap markets like Atlantic City and parts of Nevada.