The blockbuster $17.3 billion deal by which Eldorado Resorts will take over Caesars Entertainment, thus creating the largest US IR operator, has cleared one of its main hurdles as the stockholders of both companies gave their consent on Friday.
Caesars Entertainment said it agreed to sell the Rio All-Suite Hotel & Casino to a company controlled by a principal of Imperial Companies for $516.3 million, in a deal that will allow it to focus on its Las Vegas Strip properties.
Caesars Entertainment has told staff that its $17.3 billion merger with Eldorado Resorts will likely result in a reduction in headcount, though it’s too early in the process to give details.
Tom Reeg, chief executive officer of Eldorado, raised eyebrows among Asia observers by suggesting that the new Caesars Entertainment would be focused on the United States IR market, perhaps exclusively.
Eldorado Resorts has reached a $17.3 billion merger agreement with Caesars Entertainment, in a deal which will create the largest US IR operator.
The recent flurry of consolidation in the U.S. casino industry is continuing with Eldorado Resorts agreeing to buy Tropicana Entertainment for about $1.85 billion in cash. Under the accord, the definitive agreement provides that Gaming and Leisure Properties will pay $1.21 billion, excluding taxes and expenses, for substantially all of Tropicana’s real estate and enter […]
MGM Resorts International and its joint venture partner agreed to sell its Grand Victoria Casino in Elgin, Illinois, to Eldorado Resorts for $327.5 million in cash. The final price for the casino, which is 50 percent owned through a unit of the group, is subject to a working capital adjustment. MGM Resorts will receive its […]
Eldorado Resorts and MGM Resorts International announced that they have entered into an agreement for Eldorado to acquire MGM’s 50 percent interest in the Silver Legacy Resort Casino Reno, as well as all of the assets of Circus Circus Reno, for $72.5 million cash. In addition, ERI, which owns the other 50 percent interest in […]