Tilman Fertitta Acquires Caesars, Which Could Further Marginalize Poker for Former WSOP Owner

Houston billionaire Tilman Fertitta has completed a purchase of Caesars Entertainment for $17.6 billion. The move had been rumored for months, and it will see Fertitta add dozens of Caesars properties to his already substantial portfolio of casinos.

Fertitta Entertainment owns the Golden Nugget brand, which includes a Las Vegas gambling property on Fremont Street.

Under Fertitta’s leadership, poker, which once held a prominent place with Caesars, may continue to be pushed to the periphery.

The ownership change could also create a rather confusing criss-cross in online casino brands. Fertitta will become the owner of Caesars Interactive (CI), which would then compete against Golden Nugget Online Gaming (GNOG), the brand Fertitta started and then sold off.

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Fertitta Shells Out a Premium for Caesars

Press releases from both sides revealed that Fertitta will pay $31 per share to take the publicly listed casino giant private. Caesars had been trading at about $21 per share before rumors of the potential sale bumped that price up to almost $25 on Feb. 26.

Caesars is trading for about $29 per share as of May 28.

Fertitta will also assume $11.9 billion of outstanding debt.

“Fertitta Entertainment’s agreement to acquire Caesars Entertainment brings together two of the world’s premier hospitality and gaming companies, each with deep roots in exceptional guest experiences and industry-leading loyalty programs,” said the buyer’s press release.

Caesars’ sprawling collection of casinos includes 53 properties in 19 different states. It also has Caesars Windsor, on the Canadian side of the border, but right next-door to Detroit. Caesars remains one of the most recognizable brands in the business, and its wide-ranging collection of properties allows Caesars Rewards loyalty members to enjoy benefits at many different destinations.

Golden Nugget operates on a much smaller scale. It has eight casinos in six different states. Three of those are located in Nevada, but only Golden Nugget on Fremont Street is in Las Vegas. Golden Nugget Laughlin is near the Arizona border to the south, while Golden Nugget Lake Tahoe borders California, not far from Reno.

The combined company will boast one of the most robust casino empires in the country.

Will Poker Feel Any Effects?

Once a giant among U.S. poker operators, Caesars has backed away from that vertical in recent years. Under the leadership of Fertitta, that doesn’t figure to change.

The Fertitta press release notably mentioned no immediate plans for management changes or redundancies.

“The leadership teams of both companies are all expected to remain in their current roles and continue to lead the combined companies’ operations,” it said. “This continuity reflects our confidence in the leadership teams that have built both companies into the premier casino, entertainment, hospitality, and restaurant companies they are today, and our commitment to preserving the operational momentum and guest-focused culture they both have cultivated.”

That reads as a declaration of business-as-usual for the moment. Still, poker seems unlikely to occupy a major place in the new combined company’s plans.

Caesars sold off the most powerful brand in the industry, the World Series of Poker, in 2024 to GGPoker. Still, Caesars maintains a relationship with the product. The summer WSOP still takes place at Caesars properties in Las Vegas. A majority of domestic WSOP Circuit events still take place at Caesars-owned properties (21 out of 32 stops in 2025).

Golden Nugget has shown a small commitment to poker. It operates the only room on Fremont Street, one that has a unique appeal. Somewhat famously among the more dialed-in grinders, the Golden Nugget’s $1-$2 game is uncapped, meaning players can buy in for as much as they want. Most rooms use that stake to appeal to beginners, keeping the buy-in cap low (usually around $200-$300) to keep more experienced players who generally want to play bigger out.

The status quo will likely reign for now, but poker may become marginalized at some Caesars properties if Fertitta Entertainment brass decides to focus on more profitable verticals.

Could Fertitta Repeat Prior iGaming Sell-Off?

Fertitta’s purchase of Caesars means that Fertitta Entertainment now owns CI, so Fertitta is back in the online casino business.

Golden Nugget launched an online casino when iGaming in New Jersey opened in 2013. It became a powerhouse, consistently producing some of the biggest revenues in the market. Eventually, Fertitta spun it off into its own publicly traded company.

DraftKings swooped in to acquire it in 2021 for more than $1.5 billion.

Fertitta’s acquisition of CI creates an odd situation, as CI will theoretically now be competing against Golden Nugget in the iGaming states in which they both operate (Michigan, New Jersey, Pennsylvania, and West Virginia).

Fertitta has shown more appetite for competing in retail casinos and hospitality (he owns several restaurant brands under Landry’s). So, he may choose to follow his prior path with GNOG, spinning off CI as a separate entity and selling it.

Mo Nuwwarah

Deputy Editor

Mo has been reporting on the poker industry since 2013, excepting a foray into the sports betting space from 2021-2025. He's a regular in live tournaments and cash games at buy-in levels around $400-$2,000.