March 11 (Reuters) - Billionaire Tilman Fertitta has been in exclusive talks to buy Caesars Entertainment for roughly $7 billion after he topped a competing offer from Carl Icahn's firm, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
Fertitta's company, Fertitta Entertainment, has been discussing paying around $34 a share for the gaming company, the report said.
The casino operator had also received an all-cash offer of around $33 a share from Icahn Enterprises, the publicly traded company that houses Carl Icahn's investments, the WSJ report said, adding that the offer had not been officially rejected by Caesars.
Caesars Entertainment declined to comment on the report, while Tilman Fertitta did not immediately respond to a Reuters request for comment.
Fertitta's per-share offer represents about a 17% upside to Caesars' Wednesday closing share price of $29.07.
An announcement between the two sides is not imminent, and it is possible the talks won't result in any deal, the report added.
The casino operator has reported a net loss for four consecutive quarters, hurt by softening visitor numbers in Las Vegas -- which fell significantly in 2025.
Tilman Fertitta, the billionaire owner of the Golden Nugget Casino chain and basketball team Houston Rockets, had approached Caesars in 2018 about merging it with his own gaming empire.
In 2019, Caesars replaced three of its board members after the activist investor and billionaire Carl Icahn built a 9.78% stake in the company and pressured to sell the company as a whole.
Icahn later disclosed a "sizable" stake in the company, following which Caesars expanded its board to add two new members.
Caesar's shares closed up 11.76% on Wednesday, giving it a market capitalization of $5.78 billion, according to LSEG-compiled data.
(Reporting by Parth Chandna; Editing by Alan Barona)
Mr. Carl C. Icahn is a Chairman at CVR Refining GP LLC, at Icahn Enterprises G.P. Inc., at Icahn Enterprises Holdings LP, at Starfire Holding Corp., at ACF Industries LLC, at Atlantic Coast Entertainment Holdings, Inc., at Greate Bay Hotel & Casino, Inc., at Icahn Enterprises Finance Corp., at Icahn Enterprises LP, a Chief Executive Officer at Icahn Capital LP, at General Partners LLC at GB Property Funding Corp., and a Chairman of the Board at Icahn Associates Holding LLC.
Mr. Icahn was previously employed as a Chairman by CVR Refining LP, by GB Holdings, Inc., by Maupintour Holding LLC, by American Railcar Industries, Inc., by CVR Energy, Inc., by XO Communications, Inc., by Tropicana Entertainment, Inc., by WCI Communities, Inc., by ImClone Systems, Inc., a Non-Executive Chairman by Federal-Mogul Corp., by Federal-Mogul LLC, by Federal-Mogul Holdings Corp., a Chief Executive Officer by Icahn Capital Management LP, by Icahn Management LP, a Member chCCI Offshore LLC, by Financial Industry Regulatory Authority, Inc., by National Association of Securities Dealers, Inc., by National Association of Securities Professionals, by CCI Onshore LLC, a Chairman & President by XO Holdings, Inc., a President & Director by Stratosphere Corp., a General Partner by American Real Estate Partners LP, a Chairman & President by Icahn & Co., Inc., a Non-Executive Chairman by Federal-Mogul Motorparts LLC, an Owner by Sands Hotel & Casino /Atlantic City/, by Stratosphere Hotel, and a Chairman & Chief Executive Officer by Trans World Airlines, Inc.
He received his undergraduate degree from Princeton University.
Icahn Enterprises L.P. is a diversified holding company, which owns subsidiaries engaged in operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma. Its Investment segment consists of various private investment funds. It conducts its Energy segment through its majority-owned subsidiary, CVR Energy, Inc. (CVR Energy). The Automotive segment is engaged in providing a full range of automotive repair and maintenance services, along with the sale of any installed parts or materials related to automotive services to its customers, as well as sales of automotive aftermarket parts and retailed merchandise. The Real Estate segment consists of investment properties, which include land, retail, office and industrial properties leased to corporate tenants, the development and sale of single-family homes and the operations of a resort and two country clubs. It conducts its Food Packaging segment through its subsidiary, Viskase Companies, Inc.
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