Caesars Virginia unchanged by Fertitta deal, Danville official says

Danville City Manager Ken Larking doesn’t expect much to change at Caesars Virginia following Caesars Entertainment entering into a definitive agreement to be acquired by Fertitta Entertainment.

“My contact with Caesars Entertainment has assured me that the potential sale will not impact our development agreement with Caesars Virginia,” Larking wrote in a Friday afternoon email to Virginia Business. “I am confident that there will be no noticeable change in operations.”

Houston-based Fertitta Entertainment is a holding company for most of the assets of Houston billionaire and U.S. Ambassador to Italy and San Marino Tilman Fertitta and his ex-wife, Paige Fertitta. The company’s assets include Landry’s, which features more than 600 dining, entertainment and gaming locations; Golden Nugget Hotels & Casinos; and the NBA’s Houston Rockets.

Fertitta Entertainment announced the all-cash transaction Thursday. The deal is valued at about $17.6 billion and includes the assumption of about $11.9 billion of Caesars’ outstanding debt.

Larking expects the casino to keep the Caesars Virginia name if the deal is completed. “It is in our development agreement,” he wrote.

A request for comment from Las Vegas-based Caesars Entertainment was not returned.

Caesars Virginia reported adjusted gaming revenue (wagers minus winnings) of more than $33.5 million in April, the most of any of the state’s three permanent casinos or two temporary casinos. Danville received about $2.01 million in taxes from Caesars Virginia for the month.

Caesars Virginia in Danville opened in December 2024, making it Virginia’s newest permanent casino. It’s owned in partnership between Caesars Entertainment and the Eastern Band of Cherokee Indians. Its 320-room hotel features more than 90,000 square feet of gaming space as well as The Pantheon, 50,000 square feet of flexible meeting and convention space that also serves as a 2,500-seat live entertainment venue.

Under the terms of the acquisition agreement, Caesars shareholders will receive $31 for each outstanding Caesars share. Upon completion of the transaction, shares of Caesars Entertainment common stock will no longer be listed on Nasdaq.

Caesars shareholders will need to approve the merger agreement. The deal must also receive applicable regulatory approvals. The company’s board has already approved the transaction.

The agreement includes a “go-shop” period through July 11. During that time, Caesars and its financial and legal advisers may consider alternative acquisition proposals from third parties.

Caesars Entertainment executives, as well as “property-level management and personnel,” are expected to remain in their roles following the acquisition, according to a Thursday news release.

The deal would allow executives to combine Golden Nugget’s 24 Karat Select Club and Landry’s Select Club loyalty programs with Caesars Rewards to build “what we believe will be an industry-leading loyalty ecosystem in the hospitality industry,” according to the release.