Eldorado Resorts completes $17.3B merger with Caesars Entertainment

Submitted by paula on Mon, 07/20/2020 - 3:05pm

STATELINE, Nev. - Eldorado Resorts has completed its acquisition of Caesars Entertainment Corp., creating the largest casino and entertainment company in the United States.

Eldorado Resorts paid $8.58B in cash and $8.8B in Caesars debt was assumed in the new entity. The new name for the company is Caesars Entertainment, Inc.

On the South Shore of Lake Tahoe they own Harrah's Tahoe and Harveys Tahoe, and in Reno, the own Circus Circus, Eldorado, and Silver Legacy. Harrah's Reno was sold earlier this year to an affiliate of CAI Investments for $50 million and will be used for non-gaming purposes.

Eldorado Resorts and Twin River Holdings previously entered a deal for the South Shore's MontBleu Resort to satisfy Federal Trade Commission requirements that would have prevented one owner with three properties at Stateline. They required ElDorado to divest in the Stateline property along with one in Shreveport.

The new company owns 50 casinos, enhancing Caesars’ position as the leading regional and destination gaming operator in the U.S. The combined company owns and operates more than 55 casino properties worldwide, including eight casino hotel properties on the Las Vegas Strip.

Additionally, Caesars owns or operates casinos in 16 states across the U.S. including Nevada, Colorado, Missouri, Iowa, Florida, Mississippi, Louisiana, Ohio, Illinois, Indiana, New Jersey, Pennsylvania, Arizona, North Carolina, California and Maryland.

“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.”

For the 60 million people using Caesars Rewards, the loyalty program remains and will expand into the new properties.