Caesars Entertainment's shareholders vote to approve the Fertitta Entertainment takeover

• The details of a vote deciding whether Fertitta Entertainment could acquire Caesars Entertainment have been revealed
• 93% of all votes backed the matter, and agreed to let Fertitta Entertainment buy out the company
• The deal is yet to be finalized, with a date set for mid-2027, and a penalty applicable if the deadline is missed

After a Tuesday, September 22 vote that did not disclose details, a regulatory filing (8-K) on Wednesday finally shed light on the outcome of Caesars Entertainment shareholders' vote on Fertitta Entertainment's proposed $17.6 billion takeover of the company.

Fertitta secures majority backing of shareholders in acquiring Caesars Entertainment

The move required approval of the majority of the 203,780,124 shares outstanding as of August 21, which was the record date ahead of the actual vote.

At the vote, turnout totaled 70.3%, or 143,277,939 shares, with 93% of those, or 133,313,001 shares, voting in favor of the proposal, marking an important milestone as the company seeks to finalize the deal, subject to customary closing conditions.

Tilman Fertitta, the businessman behind the acquisition vehicle Fertitta Entertainment, has long sought majority control of the company, with 4,276,986 shares voting against the merger and 5,697,952 shares abstaining.

Shareholders also voted during a special meeting held on Tuesday at the Eldorado Resort and Casino in Reno on a non-binding advisory vote on compensation that would be payable to Caesars executives in relation to the acquisition.

Caesars readies to go private under Fertitta's ownership

Caesars and Fertitta will now both await the customary regulatory and other closing conditions before the deal can be sealed. Caesars is tentatively setting the closing date for mid-2027.

Failure to close the deal would result in a penalty payable by Fertitta and equal to $0.007150 per day for each day, ending on the day immediately before the closing of the merger.

Once the deal closes, Caesars Entertainment will shift to a privately owned company under Fertitta. Caesars owns 50 casinos in 19 states, including hubs such as Reno, Las Vegas, Lake Tahoe, and Laughlin.

Fertitta himself has been investing heavily in the gaming hospitality sector and currently owns the Golden Nugget, but also holds a 12.3% stake in Wynn Resorts.

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