Billionaire Tilman Fertitta has been in exclusive talks to buy Caesars Entertainment (CZR) for ~USD 7B after he topped a competing offer from billionaire investor Carl Icahn's firm, WSJ reports, citing sources

Tilman Fertitta's exclusive talks to acquire Caesars Entertainment signal significant movement in the M&A space, particularly within the gaming sector. Topping Carl Icahn's bid suggests a competitive landscape, which could set a precedent for valuation benchmarks in the industry. Investors may react by assessing the implications for both Caesars and broader market dynamics, particularly within equities related to leisure and gaming.