Caesars Entertainment Corp. will be purchased in a multi-billion dollar deal, the company announced Monday.
Such stories occasionally overlapped as well with speculation about the future location of the World Series of Poker, presently playing out for the 15th year at the Caesars-owned Rio All-Suite Hotel and Casino.
The agreed equity value of US$12.75 a share - in a mix of cash and Eldorado stock - represents a premium of about 28 per cent to Caesars's Friday closing price.
USA casino operator Eldorado Resorts Inc has agreed to buy rival Caesars Entertainment Corp for about $8.5 billion in cash and stock, as it looks to build scale to take on larger companies such as Las Vegas Sands and Wynn Resorts. It is rare that you see a merger where because of the great synergies one plus one equals five.
Caesars, which emerged from bankruptcy in 2017, operates casinos with the Harrah's and Horseshoe brands.
Eldorado and Caesars shareholders will hold about 51% and 49% of the combined company's shares following the close of the deal in the first half of 2020.
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There are two reports that the corporation that owns the Eldorado Resort Casino in Reno is buying the corporation that owns Harrah's and Caesars casinos.
Icahn said he was "pleased" by the deal announcement.
The agreement comes three months after Reuters reported that Caesars had agreed to give Eldorado access to its books under pressure from billionaire investor Carl Icahn, who earlier this year was awarded seats on Caesars' board. As a combined company, Caesars and Eldorado will be America's preeminent gaming company. "The Board unanimously concluded that the combination of these two companies creating an even stronger entity is a decision for our shareholders' consideration and vote for immediate ongoing value".
The new casino giant will use the Caesars name.
The company, which will be called Caesars, will be led by Reeg, along with Eldorado Chairman Gary Carano. Eldorado owns 26 properties in 12 U.S. states. It also had long-term debt at the end of March of $3.1 billion. It will be based in Reno, Nevada, where Eldorado is based, with a "significant corporate presence" in Las Vegas, where Caesars is based. As part of that arrangement, Eldorado said in a news release, the VICI real estate company will acquire property "associated with Harrah's Resort Atlantic City, Harrah's Laughlin Hotel & Casino, and Harrah's New Orleans Hotel & Casino" for about $1.8 billion.