Different Bets, Same Empire: Caesars and Harrah’s Keep Tables Full; $7 Billion BId on Company

When I walk into a Caesars’ property, whether on the Las Vegas Strip or on the Atlantic City Boardwalk, I travel back in time to the heart of the Roman Empire.

I mean, that's if, like me, you believe the Romans had food courts, designer shops, slot machines, and table games. Still, for me, the experience of Caesars brands always transcends luxury hospitality and gambling.  

Contrarily, when I walk into Harrah’s, Flamingo, or the LINQ, I'm up for a very different experience. Think less Roman Empire, more Party Central. The grand marble casino halls are usually replaced by carpeted, noisy gaming floors. I sometimes find it hard to believe that all these brands are owned by the same company, Caesars Entertainment.

Then, add a robust omnichannel gaming strategy, which puts the company’s online and mobile brands at the forefront in US states where online casinos and the best sports betting sites are legal, and you have pretty good wall-to-wall (carpet and marble) coverage.  

So, Caesars Entertainment seems to have it all figured out, right? Well, not really.  

Caesars’ financial rollercoaster ride  

Caesars Entertainment has gone through a financial rollercoaster ride in recent years, being taken over by leveraged buyouts and loaded with enormous amounts of debt against company assets. As we recently reported, the combination of debt-induced low share prices and a portfolio full of iconic properties makes Caesars Entertainment an attractive target for both friendly and hostile takeovers.  

Things just don’t make sense to me. Specifically, how did Ceasars manage to generate in 2025 a $502 million net loss from revenues of $11.5 billion? Compared with its close competitor, MGM Resorts International, which reported a net profit of $206 million on revenues of $17.5 billion during the same period.  

So, when it became known that Tilman Fertitta is in talks with Caesars to buy the company at a $7 billion price tag, I had to go check it out myself. I visited in person two of Caesars Entertainment’s flagship properties to assess foot traffic, the overall shape of the casinos, and how the company is promoting its omnichannel strategy.  

Harrah’s: a party at every table (and slot) 

Harrah’s is located in the Marina District in Atlantic City. When I walked into the ‘grand lobby’ (that’s how it’s called), I felt like I was in a Caesars property. The high ceilings, huge space, and marble floors gave that familiar Caesars Palace feeling.  

But when greeted by the bellman at the lobby, he was very informal and friendly, and he started chatting about football (since I was wearing a hat of my favorite NFL team). It was a very different experience compared to the formal, buttoned-up treatment I later got at Caesars.  

Walking across the lobby, you realize you are in a Harrah’s property.  

The bright marble gave way to colorful carpeting and warm lighting. The crowds are very casual, and while there are many young players around the tables, there are also older folk like me there. But there’s one common theme: everyone is there to party. Game tables were full compared to other casinos I’ve visited on that day, and actual players of slots and table games were surrounded by others cheering them up, yelling, and clapping at every win.  

Low-limit table games, old-school slot machines, and a multi-table baccarat tournament taking place while I was there all contributed to a buzzing, noisy party atmosphere on the casino floor.  

When I asked fellow players about it, they said that there’s always something going on at Harrah’s. And when I asked Dan, an Atlantic City local, if he also goes to the Caesars' property on the boardwalk, he replied, “I personally don’t. Tourists usually go to Caesars, as it’s more expensive to dine and drink there, and the game limits are higher. Harrah’s is more for people from around New Jersey, Pennsylvania, and other states in the area. But we also get Harrah’s loyal players from all over the country.” 

And that kind of talk can be represented in the overall revenue numbers for each casino.  

Looking at revenue reports published by the New Jersey Division of Gaming Enforcement this week, we found that Harrah’s rounded out ahead of Caesars with monthly revenue of $16.8 million compared to Caesars $14.5 million. 

Caesars: the elegant (and in-between) side of gambling  

Caesars Atlantic City Hotel & Casino is an entirely different experience. Although the property is located on the Atlantic City Boardwalk, I felt as if I was transported to the Las Vegas Strip as soon as I went through the doors.  

Beyond the obligatory marble halls and artificial skies, I found a boulevard of designer stores, Michelin-looking restaurants, Roman-esque statues, columns, water fountains, and the rest of the works that make up the backdrop for a Vegas casino experience. And, as expected from a high-end property, the people were dressed up to match the occasion. 

Interestingly, Caesars spans across three main gaming areas, each offering a very unique experience.  

All table games are located in a hall on the ground floor with a limited selection of slots scattered at the edges. And, as expected, the table game area was a lot quieter than at Harrah’s, although it was much bigger and was full of players. 

I also noticed that most table games offered higher limits, and I couldn’t find many low-limit slot machines. The second floor of the south tower is a huge slot machine hall that also includes the high-limit areas. Polished marble floors in the aisles and subtle patterned carpets in the gaming areas give Caesars its familiar high-end look and feel.  

There were very large slot areas sectioned off, and when I asked staff about it, I was told they are remodeling and changing carpeting and flooring in very large areas of the casino. But the real surprise was the north hall, which includes the Caesars Sportsbook and a large gaming area filled with slots. This hall feels entirely different from the rest of the Caesars property, with dark carpets and walls, bars and fast food counters, a stage for live music, and even a mechanical rodeo bull.  

Obviously, I noticed a more casual, vibrant, noisy, and social crowd in this hall. 

But while Caesars Atlantic City went on about its day, it’s hard to ignore what’s happening back at home, so to speak, on the other side of the country. With two billionaires fighting over who will acquire the casino operator, one must ask: how could it directly impact Caesars right here on the Boardwalk? 

Caesars’ financial woes continue into 2026 

For much of the past two decades, Caesars Entertainment has been defined less by the glamour of its casinos than by the turbulence of its balance sheet. The company’s modern saga began with a 2008 leveraged buyout by Apollo Global Management and TPG, a deal valued at around $30.7 billion that loaded the casino operator with $18.4 billion in debt just as the financial crisis hit.  

The burden ultimately pushed its main operating unit into Chapter 11 bankruptcy in 2015, triggering a complex restructuring that spun off much of its property portfolio into the real estate investment trust Vici Properties and allowed Caesars to emerge from bankruptcy in 2017.  

The company reshaped itself again in 2020 with the $17.3 billion acquisition of Caesars by Eldorado Resorts, a deal that created the largest casino operator in the United States with more than 60 properties across 16 states. 

Yet the enlarged group also carried substantial leverage, and with its equity valued at only a fraction of its overall enterprise value, Caesars has once again become the focus of takeover interest, with reported bids from the likes of Tilman Fertitta and Carl Icahn.  

According to CNBC, Fertitta, who already holds the largest stake in Wynn Resorts, is reportedly negotiating a $ 32-per-share deal, which would translate to an equity value of $6.5 billion and an enterprise value of $31.5 billion. Sources close to Fertitta say that this price was due to Caesars “substantial debt.”  

But Fertitta isn’t the only billionaire currently in discussions to acquire Caesars. The Wall Street Journal reported that Carl Icahn was also interested, making a bid of $33 per share, prompting Fertitta to raise his offer to $34 and boosting his equity value to $7 billion.