Caesar's Entertainment Merges with Eldorado Resorts

A shake up was announced in the gaming world today…..Financially troubled Caesar's Entertainment Corporation, the parent company of Harrah’s resorts, including Harrah Northern California in Amador County, has accepted a merger offer from rival Eldorado Resorts.   The deal will include cash and stock options and will be worth $18 billion in total.  The merger announcement comes more than three months after Eldorado and Caesar’s first said they were exploring a merger. The combined company’s ownership will be split between Eldorado and Caesars shareholders, Eldorado and Caesars shareholders will hold about 51 percent and 49 percent, respectively, of the combined company’s outstanding shares.  The new board of directors will include six members from Eldorado's board and five from Caesars. Caesar’s owns several properties, including Caesar’s Palace, Harrah’s, Horseshoe and Bally’s.  It has 53 properties in 14 U.S. states and five countries outside the U.S.  Eldorado, one of the largest casino companies in the U.S. either owns or operates 26 properties in 12 states. The deal is expected to close in the first half of 2020.

Written by KVGC Staff



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