Fertitta is also currently the largest single shareholder of Wynn Resorts (WYNN), with an economic interest of 12.5% in the company following his 2025 share purchases and accounting for options. He holds the position through Fertitta Entertainment and related entities. The Elaine Wynn Family Trust is believed to be the next largest shareholder, with a position between 8% and 9% in the casino company. Bank of America analyst Shaun Kelly noted that it is possible that Fertitta’s WYNN stake could be used to help finance the Caesars (CZR) takeover.

Looking back, Fertitta entered casinos in 2005 by buying the Golden Nugget Las Vegas and Laughlin properties through Landry’s, marking his move from restaurants into gaming. He later expanded the Golden Nugget brand to Atlantic City, Biloxi, and Lake Charles, including purchasing the former Trump Marina in 2011. Today, his Fertitta Entertainment controls multiple Golden Nugget casinos and related online gaming operations. He also holds over 6 acres of Las Vegas Strip property at the southeast corner of Las Vegas Boulevard and Harmon Avenue, close to MGM Resorts’ (MGM) MGM Grand and Aria properties and Caesars’ (CZR) Planet Hollywood.

Shares of Caesars Entertainment (VZR) fell 1.8% in Thursday afternoon trading after jumping more than 11% on Wednesday.

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Fertitta’s company, Fertitta Entertainment, has been talking about paying around $34 a share for Caesars, according to a WSJ report on Wednesday, which cited people familiar with the matter.

The Fertitta offer would top a bid from billionaire Carl Icahn, who made an all-cash offer of $33 a share for Caesars, according to the report.

Any deal announcement isn’t imminent, the WSJ said.

Developing story …

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Shares were 2.18% down to $28.67 during Wednesday morning trading.

“Caesars (CZR) is VICI’s largest tenant (39%) with two master leases: Las Vegas (2 assets) and Regional (15 assets). While Las Vegas coverage appears healthy, regional assets remain pressured,” said analysts Haendel St. Juste and Ravi Vaidya.

“We do not expect VICI to execute on sale lease-back opportunities for additional casinos, even if Caesars markets assets, to not increase tenant concentration,” said the research note.

Slowing acquisition volume implies limited growth or visibility, according to St. Juste and Vaidya.

“VICI currently trades ~12x, ~2-turns below the triple net average and ~8-turns below REITs overall. However, VICI’s current FY2 estimated AFFO per share guidance reflects 2.3% growth, 180 basis points below peers, and there is a lack of catalysts that could support relative outperformance going forward,” said the note.

Mizuho downgraded the stock to Neutral from Outperform, but maintained the price target at $30.00.

The Japanese investment bank’s rating differs from the average sell-side analysts and Seeking Alpha authors rating of Buy. SA’s Quant Rating system sees the stock as Strong Buy.

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CONEXPO-CON/AGG is marketed as North America’s largest construction trade show, with around 2,000 exhibitors, 2.9 million square feet of exhibits, and extensive education sessions and networking events. The event only takes place once every three years, which encourages larger delegations and longer stays that translate into elevated demand for Strip hotel rooms, restaurant bookings, and entertainment for the duration of the tradeshow..

Convention and trade show visitors are especially valuable to Strip operators because they spend more per trip than the average leisure visitor and help fill the city’s 150,000‑plus rooms during shoulder periods. Local economic analysis indicates that convention visitors spend about 30% more than typical visitors, so a large, infrequent event like CONEXPO-CON/AGG can meaningfully support MGM’s (MGM) and Caesars’ (CZR) gaming, food‑and‑beverage, and entertainment revenue lines in an otherwise softer demand environment.

MGM Resorts (MGM), in particular, has oriented its Strip strategy toward leading the group and meetings segment. For Caesars Entertainment (CZR), which operates multiple Strip resorts and has recently faced year‑over‑year declines in Las Vegas revenue and net income amid a broader tourism slowdown, strong convention weeks are important catalysts to stabilize and potentially re‑accelerate top‑line trends.

The convention landed in the first-quarter earnings reporting period for both casino operators.

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Statewide gaming win was down 6.6% year-over-year in January to $1.35B. Downtown Las Vegas casinos saw gaming win decrease 5.2% during the month to $79.4 million. Meanwhile, Reno casinos reported gaming win increased 2.9% during the month to $69.1 million.

Across the state, gaming win was up 0.5% for the slot machine business on a win percentage of 7.4%. Table/counter/card game gaming win was down 18.9% on a win percentage of 13.1%. Baccarat revenue plunged 43% during the month.

On a fiscal year-to-date basis (July 2025-January 2026), Nevada gaming win was up only 0.7%, despite an event calendar seen as favorable for conventions and tourism.

Sector watch: Caesars Entertainment (CZR), MGM Resorts (MGM), Boyd Gaming (BYD), Wynn Resorts (WYNN), Full House Resorts (FLL), Bally’s Corporation (BALY), VICI Properties (VICI), Sportradar (SRAD), Genius Sports (GENI), Gaming & Leisure Properties (GLPI), and Red Rock Resorts (RRR).

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Tilman Fertitta entered casinos in 2005 by buying the Golden Nugget Las Vegas and Laughlin properties through Landry’s, marking his move from restaurants into gaming. He later expanded the Golden Nugget brand to Atlantic City, Biloxi, and Lake Charles, including purchasing the former Trump Marina in 2011. Today, his Fertitta Entertainment controls multiple Golden Nugget casinos and related online gaming operations.

Sources indicate Caesars (CZR) is also considering a management-led buyout in addition to other takeover offers. The company controls more than 50 casinos across North America, including the Caesars Palace, Harrah’s, and El Dorado brands. Caesars also runs a betting app, which showed improved results in Q4. After considering Caesars’ (CZR) debt load, its enterprise value of $16B would make any deal one of the biggest in the industry in years.

Shares of Caesars (CZR) were up 20.6% at 3:55 p.m. MGM Resorts (MGM) shot up 6.3%, and Wynn Resorts (WYNN) was up 2.5%

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Management View

• Anthony Carano, President & COO, reported that “full year same-store enterprise net revenues increasing $266 million or 2% year-over-year” and highlighted that “our diversified portfolio delivered fourth quarter consolidated net revenues of $2.9 billion, up 4% year-over-year and adjusted EBITDAR of $901

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Revenue was flat compared to a year ago at $2.87B. Regional casinos saw a 4.0% increase in revenue during the quarter, while Las Vegas properties saw a

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