The news of Tilman Fertitta buying Caesars for $7 billion first started circulating in March 2026, and now, with the special meeting conducted at the Eldorado Resort & Casino in Reno, Nevada, shareholders approved the merger with Fertitta Gaming Holdco, along with a non-binding advisory vote on executive pay tied to the deal. Under the agreement, each share of Caesars common stock converts into the right to receive $31 in cash, a price that beat out a competing offer of $34 per share from investor Carl Icahn earlier in 2026, before Icahn agreed to step back in exchange for two board seats.
The deal will see Empire Merger Sub absorbed into Caesars, making the company a wholly owned subsidiary of Fertitta once everything closes.
Recreational Enterprises, the Carano family’s holding company and a long-time Caesars shareholder, had already committed its roughly 8.6 million shares, about 4.2% of the total, in favor of the merger ahead of the vote. Additionally, CEO Tom Reeg, CFO Bret Yunker, and President and COO Anthony Carano are all expected to stay with the company and lead the combined business once the deal is finalized.
The transaction still needs regulatory sign-off in every jurisdiction where Caesars operates. Once complete, it will bring together Caesars’ casino and sports betting operations with Fertitta’s broader portfolio, including Landry’s restaurants and Golden Nugget properties.
