Eldorado Resorts completes $17.3 billion buyout of Caesars Entertainment

Eldorado Resorts completes $17.3 billion buyout of Caesars Entertainment

A Nevada company that started in 1973 with a single hotel-casino in Reno announced Monday it has completed a $17.3 billion buyout of Caesars Entertainment Corp. and will take the iconic company’s name going forward as the largest casino owner in the world.

Eldorado Resorts Inc. ERI, +0.63% said the combined company will now own and operate more than 55 casino properties in 16 U.S. states, including eight resorts on the Las Vegas Strip.

“We are pleased to have completed this transformative merger,” Tom Reeg, former CEO of Eldorado Resorts and now CEO of Caesars Entertainment Inc. CZR, -0.40% said in a statement.

Reeg promised to welcome the combined company’s tens of thousands of employees and to create value for stakeholders using “strategic initiatives that will position the company for continued growth.”

The buyout also affects Caesars properties in the United Kingdom, Egypt, Canada, Dubai and a golf course in the Chinese gambling enclave of Macau. The company vaulted over MGM Resorts International MGM, -2.85% as the world’s largest casino operation.

Billionaire investor Carl Icahn will be the largest single shareholder, with more than 10% of the combined company, Reeg told New Jersey regulators. Icahn acquired a large block of Caesars shares after that company emerged from bankruptcy protection in late 2017 and pushed for the sale.

Eldorado founder Don Carano and his family developed a winemaking and casino empire that grew into 26 gambling properties and more than 18,000 employees in 12 states before the buyout. Carano died in 2017. Several family members remain in company executive ranks.

Caesars Entertainment had some 65,000 employees before casino closures in March due to the coronavirus pandemic, including 30,000 in Nevada. Most of its properties have reopened.

The merger also involves properties in Arizona, Colorado, Florida, Illinois, Iowa, Mississippi, North Carolina, Ohio, Pennsylvania and Maryland.

J.P. Morgan, Credit Suisse and Macquarie Capital served as financial advisers for the deal.

Marketwatch

დატოვე კომენტარი

173 კომენტარი

  1. I am not sure where you’re getting your information, but great topic.I needs to spend some time learning much more or understandingmore. Thanks for magnificent info I was looking for this info for my mission.

  2. I just like the valuable info you supply to your articles. I’ll bookmark your blog and check once more right here frequently. I am quite certain I’ll be informed lots of new stuff proper here! Good luck for the following!

  3. I am not sure where you are getting your information, but good topic. I needs to spend some time learning much more or understanding more. Thanks for excellent information I was looking for this info for my mission.

  4. I just like the helpful information you supply in your articles.I’ll bookmark your blog and test once more here frequently.I am moderately sure I’ll be informed a lot of new stuffright here! Good luck for the next!

  5. pgslot says:Aw, this was a very nice post. Taking a few minutes and actual effort to create a great article… but what can I say… I put things off a lot and never manage to get anything done.Reply 08/05/2020 at 3:01 pm

  6. ตอนต้นผมว่าเว็บไซต์ไหนก็แบบเดียวกัน ด้วยเหตุว่าเข้าไปก็พบเกมเดิมๆถึงเอาเข้าจริงๆมันแตกต่างกันขอรับ ยิ่งเว็บไซต์ไหนที่เวลาฝากถอนจึงต้องควรผ่านเจ้าหน้าที่อันนี้ผมไม่ชอบสุดเลย เสียเวล่ำเวลา ส่วนตัวผมว่า UFABET ดีสุดเลยจ๊ะครับ เค้าใช้ระบบอัตโนมัติ

  7. Once I initially commented I clicked the -Notify me when new comments are added- checkbox and now every time a remark is added I get four emails with the same comment. Is there any method you can take away me from that service? Thanks!

  8. I blog quite often and I truly thank you for your content. The article has truly peaked my interest. I am going to book mark your blog and keep checking for new information about once a week. I opted in for your RSS feed as well.

დაამატე კომენტარი

თქვენი ელფოსტის მისამართი გამოქვეყნებული არ იყო. აუცილებელი ველები მონიშნულია *