USD17 billion Caesars deal creates casino giant
A new casino titan has been established with Eldorado Resorts agreeing a deal to buy Caesars.
The cash-and-stock deal is valued at about $17.3 billion.
The Caesars name will live on in the new company, which will comprise about 60 casino-resorts across 16 states.
However Eldorado CEO Tom Reeg said there may be sales of some casinos to skirt anti-trust concerns, which could include on the Las Vegas strip.
Lawmakers in New Jersey have voiced concern too.
The business will own four Atlantic City casinos.
"We are incredibly excited. This is an iconic brand. It’s really a level of property and brand that we have not had the great fortune to control and now we will," Reeg said.
"Together, we will have an extremely powerful suite of iconic gaming and entertainment brands, as well as valuable strategic alliances with industry leaders in sports betting and online gaming."
The new company will be led by Reeg and Eldorado chairman Gary Carano when the deal is closed sometime in the first half of 2020, pending approval from gaming regulators.
Eldorado Resorts Inc. shareholders will then hold about 51% of the new company.
Caesars Entertainment Corp came out of bankruptcy nearly two years ago but has continued to struggle since.
The combined business will be based in Reno, Nevada, where Eldorado’s HQ is based, with a ‘significant corporate presence’ in Las Vegas.
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