Shareholders in Caesars Entertainment have voted overwhelmingly in favour of a $17.6bn takeover proposal from Fertitta Entertainment, clearing a major hurdle in the casino group’s potential move into private ownership.
At a special meeting earlier this week, 133.3 million shareholder votes were cast in favour of the proposal. Some 4.3 million votes went against the takeover, while there were 5.7 million abstentions.
The votes in favour represented approximately 65.4% of Caesars’ outstanding shares. With 203.8 million shares outstanding on the record date, at least 101.9 million votes in favour were required for the proposal to pass.
Fertitta tabled its proposal in May, with the takeover agreement to include the assumption of around $11.9bn in outstanding debt. Caesars shareholders will receive $31 in cash for each eligible share, with the company’s common stock to be delisted from Nasdaq once the transaction closes.
Shareholder approval satisfies one of the hurdles Caesars and Fertitta had to clear for the deal to go through. The proposal remains subject to regulatory approval and several other closing conditions. Earlier in September, the US Federal Trade Commission submitted a request for additional information on the deal.
What might become of Caesars?
Should the takeover complete, Caesars would become a wholly owned subsidiary of Fertitta Gaming Holdco. Caesars CEO Tom Reeg, chief financial officer Bret Yunker and president and chief operating officer Anthony Carano are expected to remain in their respective positions.
At the time of the initial announcement in May, no closing date was set. However, Caesars has now set a preliminary closing date of 26 June 2027 – should all remaining conditions be satisfied.
Fertitta is already a major player across the US gaming and hospitality sectors. Owned by businessman Tilman Fertitta, the group operates the Golden Nugget casino brand and Landry’s, which encompasses more than 450 full-service restaurants alongside hotels and other hospitality and entertainment businesses. It also owns the NBA’s Houston Rockets.
The Caesars deal would significantly expand its gaming footprint, with the combined group set to have around 60 domestic casino resorts and gaming facilities.
Caesars deal moves forward as MGM takeover halted
News of progress on the Caesars deal came as another major player in the casino sector, MGM Resorts International, saw a potential takeover fall through.
People Incorporated, previously IAC, withdrew its proposal to acquire all of the outstanding shares it does not own in MGM. It proposed paying $48.30 for each MGM share it did not own, valuing the entire business at approximately $18bn.
However, People chairman Barry Diller said that the “mix” of the proposal was not coming together as hoped. As such, the proposal was withdrawn and MGM is now set to continue as a standalone company.
“We didn’t feel the mix was coming together in the way we had hoped and have decided not to pursue taking the company private at this time,” Diller said.
Dingnews.com 25/09/2026