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Caesars Entertainment To Be Acquired In $17.3 Billion Deal
Supercarwaar [CC BY-SA 4.0], via Wikimedia Commons

Caesars Entertainment To Be Acquired In $17.3 Billion Deal

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LAS VEGAS (CelebrityAccess) — Eldorado Resorts has announced plans to acquire casino and resort giant Caesars Entertainment in a $17.3 billion, in a cash-and-stock deal will create one of the largest gaming entertainment companies in the world.

The transaction will see Eldorado Resorts acquire all of the outstanding shares of Caesars at $12.75 per share for $7.2 billion in cash and approximately 77 million Eldorado common shares while assuming Caesars outstanding debt.

Following the acquisition, the newly formed company will use the Caesars name but will operate under leadership drawn from Eldorado’s current executive team, including Chairman Gary Carano and CEO Tom Reeg.

“Eldorado’s combination with Caesars will create the largest owner and operator of U.S. gaming assets and is a strategically, financially and operationally compelling opportunity that brings immediate and long-term value to stakeholders of both companies. 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 combined entity will serve customers in essentially every major U.S. gaming market and will marry best-of-breed practices from both entities to ensure high levels of customer satisfaction and significant shareholder returns,” Reeg said in a statement announcing the deal.

Following the merger, the combined company will encompass approximately 60 domestic casino–resorts and gaming facilities across 16 states, including the Flamino Las Vegas, Caesars Palace, Caesars Atlantic City, Bally’s Atlantic City and Las Vegas, and multiple properties under the Harrah’s brand.

The merger is subject to the approval of the two companies’ shareholders, as well as gaming and trade regulators. It’s expected to become final in the first half of 2020.

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