Caesars Entertainment has agreed to be acquired by Fertitta Entertainment, owned by U.S. restaurant and hospitality magnate Tilman Fertitta, in a $5.7 billion all-cash transaction that will create a vast entertainment empire in the United States. In a statement, Caesars Entertainment indicated that its shareholders will receive a cash consideration of $31 per share. This offer represents a 49% premium over Caesars Entertainment's stock price as of February 25, the last trading day before initial acquisition rumors surfaced. The agreement includes a go-shop period, which allows Caesars Entertainment to solicit alternative acquisition proposals until July 11. Tilman Fertitta has long pursued a merger between his gaming and restaurant businesses and Caesars Entertainment. Caesars Entertainment owns or manages approximately 52 casinos across the United States. The acquisition is subject to regulatory review, and Fertitta may be required to divest certain assets to secure approval. Fertitta, a major donor to Donald Trump's 2024 presidential campaign and the current U.S. Ambassador to Italy, also holds ownership of the NBA's Houston Rockets, operates multiple restaurant locations in New York, and maintains a significant stake in sports betting company DraftKings. According to a statement released on Thursday, the Carano family, which holds about 5% of Caesars Entertainment's outstanding shares, has agreed to transfer a portion of its stake to Fertitta. Media reports in April noted that some members of the Carano family serve on Caesars Entertainment's board and in its management, and CEO Tom Reeg is expected to remain in his position following the completion of the acquisition. The transaction includes approximately $11.9 billion in outstanding debt. Fertitta plans to fund the deal through equity and syndicated financing. Upon completion, Caesars Entertainment's stock will be delisted. At the time of reporting, Caesars Entertainment's pre-market trading showed a 1.91% increase to $29.33 per share, slightly below the acquisition offer price.