Caesars Entertainment shareholders have approved the $17.6bn sale to Fertitta Entertainment. The takeover proposal passed with 65.4% of outstanding shares voting in favour. The deal includes $11.9bn in debt.
At a special meeting, 133.3m votes were cast for the transaction, 4.3m against and 5.7m abstained. Approval required at least 101.9m votes from the 203.8m shares outstanding on the record date. Shareholders will receive $31 per share in cash, and common stock will be delisted from Nasdaq after closing.
The vote clears one hurdle, but regulatory approvals remain. The Federal Trade Commission requested additional information in September. The provisional closing date is 26 June 2027. Once complete, Caesars will become a subsidiary of Fertitta Gaming Holdco. CEO Tom Reeg, CFO Bret Yunker and president Anthony Carano will stay in their roles.
Fertitta is owned by businessman Tilman Fertitta and runs Golden Nugget casinos, the Landry's restaurant chain with over 450 locations, hotels and the Houston Rockets basketball franchise. The combined group will control around 60 casino and gaming properties across the US.
MGM stays independent
While the Caesars deal moves forward, another major takeover has collapsed. People Incorporated, formerly IAC, withdrew its $18bn bid for MGM Resorts International at $48.30 per share. Board chairman Barry Diller said "the structure of the transaction is not coming together as expected." MGM will continue as an independent company.
