According to individuals familiar with the matter, Fertitta Entertainment is negotiating to acquire Caesars Entertainment for $32 per share, representing an equity value of $6.5 billion. The report indicated that Fertitta's proposal for Caesars includes an enterprise value of $31.5 billion, factoring in the casino operator's substantial debt.
Caesars responded to an email inquiry by stating, "It is our policy not to comment on rumors or market speculation."
The report noted that deal negotiations are scheduled to take place this weekend at Fertitta's headquarters in Houston, falling within a 45-day exclusive negotiating window.
Earlier this week, it was reported that Fertitta Entertainment had been considering an acquisition of Caesars for approximately $34 per share, which would value the company at around $7 billion.
The casino operator has also received an all-cash acquisition offer of about $33 per share from Icahn Enterprises, the publicly-traded investment vehicle of billionaire Carl Icahn.
It was reported that Icahn initially made a friendly offer for Caesars in January at $28.50 per share, with assurances that the existing management team would remain in place.
Icahn Enterprises did not immediately respond to a request for comment.
The media outlet added that Icahn is interested in partnering with a major digital gaming company, a move that could involve merging Caesars' digital sports betting operations with their own business.
Caesars has reported net losses for four consecutive quarters, attributed to weak visitor traffic resulting from a significant decline in Las Vegas tourist numbers projected for 2025.
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