Eldorado Resorts Has Become The Largest Casino Operator In The United States
American casino and hotel operator Eldorado Resorts has completed a deal to buy rival Caesars Entertainment Corp. for $17.3 billion. Formed the largest company in the US gambling industry, which will overtake MGM Resorts International.
It will own or manage 55 properties in 16 States and several other countries, including Dubai and the UK.
Earlier it was reported that Caesars Entertainment would continue to operate under its brand, and its shares will remain on the stock exchange.
Under the terms of the deal, Caesars shareholders received a total of $12.3 for each share they owned, including $8.7 in cash. After the merger, Eldorado shareholders own 56% of the combined company.
“We are pleased to have completed this transformative merger, thus making us the premier leader in gaming and hospitality. We look forward to executing on the numerous opportunities ahead to create value for all stakeholders,” said Tom Reeg, CEO of Caesars Entertainment, Inc. “Additionally, we are pleased to welcome all of our Team Members to the combined company, and we look forward to implementing all of the strategic initiatives that will position the company for continued growth.”
Casinos in the United States, including the largest in Las Vegas, stopped operating in mid-March due to a coronavirus. Since then, many of them have opened, but with restrictions on the number of visitors and the mandatory wearing of masks. It is still unclear when major entertainment events and conferences will return to them.
Eldorado's capitalization has fallen by 37% since the beginning of the year but has jumped by more than 130% in the past three months.