The transaction values Caesars at about $8.6 billion, and Eldorado will pick up about $8.8 billion of the casino’s debt.Ĭaesars Entertainment Corp., which operates more than 30 casinos in the U.S., emerged from bankruptcy protection in late 2017, but it’s been struggling since. “It’s really a level of property and brand that we have not had the great fortune to control and now we will.”Įldorado will pay $8.40 per share in cash and 0.0899 shares of Eldorado stock for each Caesars share, or $12.75 per share. This is an iconic brand,” Eldorado CEO Tom Reeg said referring to Caesars Entertainment during a conference call. The deal - following pressure from activist investor Carl Icahn - is targeted to close in the first half of 2020 if approved by gambling regulators and shareholders. The acquisition would create a casino juggernaut about 60 casino-resorts in 16 states under a single name, Caesars, creating the largest gambling operator in the United States.
Baltimore Sun eNewspaper Home Page Close MenuĬaesars Entertainment, the parent company of Horseshoe Casino Baltimore, has agreed to be acquired by Eldorado Resorts in a cash-and-stock deal valued at $17.3 billion, the companies announced Monday.
