Golden Nugget Owner Tilman Fertitta Makes Another Bid for Caesars

^{Tilman Fertitta is again looking to acquire Caesars, years after his first bid for the casino giant. (Photo: rett Coomer / Houston Chronicle via AP)}

Tilman Fertitta, owner of Golden Nugget, is making another run at Caesars Entertainment. The Wall Street Journal first reported that Fertitta’s $7 billion bid for the national casino operator is higher than that of business magnate Carl Icahn. 

Fertitta is now in exclusive talks to acquire Caesars. His company, Fertitta Entertainment, is proposing to pay about $34 per share for the company, according to the report.

The news comes a few weeks after the Financial Times reported that Caesars was considering takeover offers, and Fertitta was among the parties rumored to be preparing another bid.

Don’t get too excited about an ownership change happening any time soon. The report says Fertitta’s negotiations are still in the early stages, and Caesars has not accepted the deal. Even if the companies reach an agreement, the transaction would require regulatory approval from every state where Caesars operates a casino.

The bid represents a premium for Caesars. As of the close of trading on March 11, the company’s market capitalization was $5.9 billion. 

Fertitta’s interest in the company isn’t new. He first considered acquiring Caesars in 2018. 

Coincidentally, that proposed merger, which would have combined his Golden Nugget casino chain with Caesars, lost out to Eldorado Resorts. His company's new bid is substantially higher and now includes properties once owned by Eldorado.

A Complicated Deal

Caesars now operates 50 casinos in North America. Eight of those properties are in Las Vegas, or nine if Nobu Hotel inside Caesars Palace is included. 

This would not be a simple deal because Caesars does not own the real estate under all of its casinos. 

The company spun off much of its real estate into VICI Properties following its 2017 bankruptcy and now leases many of the properties it operates.

Caesars pays VICI Properties about $1.2 billion per year in rent for Caesars Palace and Harrah’s in Las Vegas, along with nine other casinos around the country. Reports say Fertitta’s bid would allow Caesars to split certain assets without needing VICI’s approval.

Fertitta would not be buying the most financially stable casino operator. Caesars reported a net loss of $502 million in 2025, up from a net loss of $278 million in 2024. 

Caesars Digital is the only segment of the company showing continued positive financial results. The online casino and sportsbook operator is setting quarterly records for the company.

But the company also carries $11.2 billion in debt.

Beyond Caesars’ financial woes, Fertitta’s extensive business portfolio could add another layer of complexity.

Fertitta’s Other Businesses

Beyond the Golden Nugget casino chain in six states, Fertitta Entertainment owns the Landry’s restaurant group, several luxury hotels, and the NBA’s Houston Rockets. He is also the head shareholder of Wynn Resorts, with a 12.3% stake in the company, and owns a stake in DraftKings.

He also owns a 6.2 acre parcel of land on Las Vegas Boulevard across from Aria and Planet Hollywood that was once planned for a luxury casino hotel. However, the property is currently used as a parking lot since construction never began.

Fertitta is currently away in Rome serving as U.S. ambassador to Italy and San Marino. Day-to-day operations at Fertitta Entertainment are being handled by his ex-wife, Paige Fertitta, and the company's executives.

This story is far from over. But if Fertitta can get a deal done, it would be a groundbreaking change in casino ownership in years.