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Caesars’ three Atlantic City casinos moved a step closer to joining Golden Nugget Atlantic City under one owner after shareholders approved a proposed sale to Fertitta Entertainment.
The $17.6 billion acquisition would give Fertitta control of four of the city’s nine casinos if it clears New Jersey regulatory review and the companies meet the remaining closing conditions.
Caesars reported the Sept. 22 vote the following day. Approximately 133.3 million shares voted in favor of the merger, while just 4.3 million voted against it.
What the deal would mean for Atlantic City
Caesars currently operates Caesars Atlantic City, Harrah’s Resort Atlantic City and Tropicana Atlantic City. Fertitta Entertainment already owns Golden Nugget Atlantic City. Completing the sale would place all four properties under Fertitta’s corporate ownership.
Those four casinos generated a combined $83 million in retail casino revenue in August, according to the New Jersey Division of Gaming Enforcement. That represented about 28% of the $294.9 million reported by Atlantic City’s nine casinos. Caesars’ three properties accounted for roughly $70.1 million of the four-casino total.
The August figures show the size of Fertitta’s potential Atlantic City holdings. Golden Nugget remains under its current ownership, separate from the Caesars properties, while the acquisition is pending. Caesars has not announced plans to sell any of its three Atlantic City casinos as part of the transaction.
Caesars’ online brands are part of the sale
The proposed acquisition also covers Caesars’ New Jersey online gambling business, which reaches players through several apps and websites. Its products include Caesars Palace Online Casino, Horseshoe Online Casino, Tropicana Online Casino, WSOP online poker and Caesars Sportsbook.
Although Golden Nugget also has a NJ online casino, that business is separate from Fertitta’s ownership of the Atlantic City property. DraftKings acquired Golden Nugget Online Gaming in 2022, so it is not part of the Caesars business Fertitta is seeking to buy.
Caesars and Fertitta have said the combined business would give Caesars Rewards members access to more destinations, including Fertitta’s restaurants and entertainment venues. Their deal announcement did not explain what additional benefits NJ members might receive or when any changes to the program could begin.
New Jersey approval is still needed
The New Jersey Division of Gaming Enforcement previously told PlayNJ it would review the acquisition under the state’s Casino Control Act and related regulations. Shareholders have now approved the merger agreement, but their vote does not replace the state’s review or establish a date when the sale might close.
Under the agreement, eligible Caesars shareholders would receive $31 per share in cash. If the deal closes, Caesars would become a privately held subsidiary of Fertitta, and its shares would no longer trade on Nasdaq. The $17.6 billion transaction value also includes Fertitta’s assumption of approximately $11.9 billion in Caesars debt.
Caesars said its corporate leaders and property-level management are expected to remain in their roles after the sale. The companies have not laid out plans for changes at the three Atlantic City casinos or explained how the transaction might affect Caesars’ NJ online products.
For now, Caesars continues to operate its casinos and online brands. Neither company has announced changes to casino visits, online accounts or apps following the shareholder vote.
