More Casino Mergers & Acquisitions Expected Amid Caesars Takeover Bid

As a takeover bid for Caesars Entertainment hangs in the balance, Wall Street financial experts believe that 2026 could bring more notable casino mergers and acquisitions. These predictions come on the heels of news that Fertitta Entertainment has offered $7 billion to acquire Caesars.

The proposed Caesars Entertainment acquisition would be worth $31.5 billion total when including the company's debt. This deal would be the biggest in casino gaming since 2020, when Eldorado Resorts bought Caesars for $17.3 million. 

It would also join two of the world's largest casino brands, giving the combined Fertitta-Caesars Entertainment around 60 casino resorts operating across the U.S. and multiple real money online casino brands. It could also affect the Caesars Casino bonus code.

The acquisition is expected to be approved by early April 2026. However, sorting through Caesars' debt and approval from multiple state regulators could delay the closing until next year.

Billionaire Carl Icahn, who already owns a large position in Caesars, has made a competing bid for the company at $33 per share. Worth approximately $6.7 billion, this offer serves as a backup in case the Fertitta deal falls apart.

John DeCree, head of institutional investor research at CBRE Capital, and Barry Jonas, a Wall Street analyst at Truist Financial, both see the Caesars acquisition as a catalyst for more casino M&A. Speaking at an Economic Club of Las Vegas meeting, they agree that the current conditions could fuel more major deals.

DeCree explained that corporations' ability to borrow money at cheap rates, and the premium spread they pay above government bonds, creates a good environment for purchasing depressed casino equity.

Jonas pointed out that private companies could do much of the buying, as was the case with Hard Rock International buying the Mirage (being rebranded as Hard Rock Las Vegas). Some public companies may foresee limited stock growth based on the current casino climate and be more open to being acquired.

Jonas also noted that certain acquisitions might simply be casinos divesting some of their properties. For example, Las Vegas Sands Corp. was willing to part ways with The Venetian (now under Apollo Global Management) in 2021 to improve its focus.

Much of the anticipated M&A frenzy could hinge on what happens with the Caesars acquisition. The prediction market Kalshi currently offers a 75% probability of the casino giant being acquired at some point in 2026. The chances were at around 90% in mid-March and have steadily dropped since then.

Kalshi doesn't distinguish between Fertitta Entertainment or Icahn taking over the company. That said, either party could acquire Caesars and still make this prediction come true. Fans can even use the Kalshi promo code SPORTSLINE10 when they make their predictions.

Another question is if either bidder would see the need for dozens of U.S. properties. As Jonas covered, larger casino companies could be looking to get rid of resorts in 2026. Caesars currently owns over 50 properties in the U.S. alone. Selling some of these assets would help reduce the company's estimated $24.9 billion debt.

It's also unknown if a deal would give rise to any new online casinos. Fertitta currently operates the Golden Nugget iCasino brand, while Caesars Interactive handles its company's online gaming ventures. Both entities are known for offering some of the best casino bonus codes in the industry.

Jeremy Olson