$17.6 billion is on the line in Tilman Fertitta’s agreed Caesars buyout, with a go-shop period running until July 11 before he begins broader regulatory filings.
$31 a share values Caesars’ equity at about $5 billion, and Fertitta would also assume $12 billion of debt in what would rank among the largest gaming mergers.
$18 billion is Barry Diller’s separate offer for MGM Resorts at $48 a share, a proposal MGM’s board is reviewing while Diller argues the company’s real-world assets are hard for AI to disrupt.
Carl Icahn could still complicate the Caesars deal during the go-shop window, reviving echoes of 2019 when Fertitta’s earlier pursuit was derailed before Eldorado bought Caesars.
Both transactions would take major Strip operators private and likely trigger roughly a year of federal and state gaming reviews, asset sales and other concessions before closing.