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jul
27

Eldorado and Caesars complete Merger Deal to become Largest Casino Owner in the World

Tags: Caesars Entertainment, Eldorado Resorts, Indiana, Las Vegas, mergers.
Posted on 27 July 2020 by "T".

Eldorado Resorts Inc. completed its $17.3 billion acquisition of Caesars Entertainment Corp. after overcoming a series of hurdles, including the worldwide pandemic, to become as the largest casino owner in the world.

The New Jersey Casino Control Commission finally approved the merger after two days of hearings with Eldorado executives. An antitrust analyst assured the commission that the deal will not concentrate too much of the local casino market. The new company will still be called Caesars Entertainment, but some are already calling it "New Caesars".

The Indiana Gaming Commission also approved the deal around the same time as Nevada regulators last week. Indiana regulators forced Eldorado and Caesars to sell three of its five properties in the Hoosier State.

Eldorado Resorts Inc. said that the combined company shall now own and operate 55+ casino properties across 16 American states, including eight resorts on the Las Vegas Strip.

Former CEO of Eldorado Resorts now CEO of Caesars Entertainment Inc. Tom Reeg said, "We are pleased to have completed this transformative merger." Reeg said they will welcome the combined company's tens of thousands of employees and aims to create value for stockholders using "strategic initiatives that will position the company for continued growth."

New Jersey's approval was the final hurdle that stood in the way of the merger. The Federal Trade Commission approved the plan back in June after Eldorado sold casinos in California, Louisiana, Missouri and South Lake Tahoe.

In an agreement with New Jersey regulators, the officials of Eldorado assured regulators that the company would not close its three Atlantic City casinos for at least five years and it will spend $400 million improving facilities over the next three years, and reinvest 5% of annual revenue in the years after that.

Once Bally's sale has been finalized, Caesars will own the Tropicana, Harrah's Atlantic City, and Caesars Atlantic City.

First announced in June 2019, the merger was indeed a huge leap for Eldorado, a once-small Nevada company that began in 1973 with a single hotel-casino in Reno.

After billionaire investor Carl Icahn said he bought 10% of Caesars Entertainment in February 2019, he started pushing for a sale of the casino company that filed for bankruptcy in late 2017. He helped install Tony Rodio as the new CEO of Caesars the next month, who helped Icahn sell Tropicana Entertainment Inc. to Eldorado for $1.85 billion.

The only obstacle left was regulator's approval for the merger to become a reality.

Eldorado bought a 51% controlling interest in Caesars at a $17.3 billion valuation. Paid in cash was $7.2 billion and the rest was accounted for through Eldorado stock.

The new Caesars corporate headquarters will be in Reno, but there will be a big corporate presence in Las Vegas.

Source: https://lasvegassun.com/news/2020/jul/20/former-eldorado-resorts-completes-173-billion-acqu/


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10 comments for "Eldorado and Caesars complete Merger Deal to become Largest Casino Owner in the World"

 dule-vu27/07/2020 11:32:26 GMT
you can imagine how big is this business when they will spend 17,3 billion on this transaction!so they will be largest casino owner in the world!you can see how big they were,when they payed in cash 7,2 billion dollars!just sick number in todays world!
 CALICUL27/07/2020 15:38:37 GMT
Interesting situation regarding Indiana regulators who forced Eldorado & Caesars to sell three of five properties in Hoosier State. He did this as if they were owners of other people's buildings. Another detail is these billions that make this casino number 1 in the world.
 dule-vu28/07/2020 14:28:31 GMT
In an agreement with New Jersey regulators, the officials of Eldorado assured regulators that the company would not close its three Atlantic City casinos for at least five years and it will spend $400 million improving facilities over the next three years, and reinvest 5% of annual revenue in the years after that.
 CALICUL28/07/2020 15:52:23 GMT
These contracts have many stipulations... because there it is not easy at all, when you negotiate. Moreover, when the state puts its tail over your business, you have to do as they do. However, both sides are satisfied because was nice for both.

 antonis32109/08/2020 03:58:41 GMT
WoW , $17.3 billion for the acquisition , that's crazy money for sure ,they spend a lot to make this merge real , and this decision and agreement was approved by the authorities , so now there is this casjono giant , the new Ceasars company . They have many casinos , they are for sure a huge player in the market . I want to believe this is good not only for the players of these Caesar's casinos , but for their employeed as well . Good luck for their businesses in this new era Smile
 CALICUL09/08/2020 09:38:25 GMT
Crazy money, but recoverable in a few years, because this industry brings a lot of money. The richest casino owner has over $ 30 billion in wealth. I consider that one who bought has a lot to gain, especially now that he no longer has this rival in competition,
 dule-vu09/08/2020 13:29:57 GMT
I know that every year more and more money come in this industry and that money have bigger value,then its had 10 or 15 years ago,but still when you read about something like this,its crazy how people know that even if they spend this money,they will back it very soon and will earn much more!
 CALICUL13/08/2020 06:46:31 GMT
Last year or two, we had similar news that a casino bought for many billions. This industry is very successful, because it knows how to make a profit. Owners who sold, probably chose to enjoy with peace and vacation for the rest of their lives.
 antonis32113/08/2020 07:21:47 GMT
For sure they will get their money back from this investment . I agree , casinos are a business of billions of dollars , and their owners have billions of dollars as well , as their wealth . Thye will get this money back , as profit from daily businesses in all of these casinos that now this company controls . Although ,with the lockdown and the restricitons , it might take somemore time tto get things on track like before .
 dule-vu13/08/2020 12:09:56 GMT
as we can see its same as for online casinos in last years,now we have this kind of transacations for big casinos company,where you can play live!companies want to be bigger and they by also big companies,not just small one's!its crazy what kind of money is in this industry and what amount will be in future!

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