Eldorado Resort snatches $18bn cash & stock deal for Caesars



by   |  VIEW 263

Eldorado Resort snatches $18bn cash & stock deal for Caesars

Eldorado Resorts, an American Casino hotel company with 26 properties across 12 US states, had agreed to an $18 billon cash-and-stock merger deal, which would be valuing the Nevada-based casino operator at $18 billion including debt, at least four people with direct knowledge regarding the subject-matter had unveiled on Sunday, the 23rd of June 2019.

Latest buyout deal for Caesars came three months after the American gaming hotel and casino operator had agreed to give access of its books to Eldorado Resorts under pressure from billionaire entrepreneur Carl Icahn, who had been awarded a seat on Caesars’ management board last year.

Besides, according to the sources, the deal was expected to be made public as early as Monday (June 24th), while the merger’s ownership would be split between Caesars and Eldorado stakeholders, added the sources. In point of fact, a combination of two Nevada-based casino chains would likely to create critical competition for larger casino industry players such as Wynn Resorts Ltd., Las Vegas Sands Corp., and MGM Resorts International.

Nonetheless, Caesars, which went bankrupt on early 2017, had been operating 53 casino properties in 14 US states alongside five other countries outside United States and the merger deal would value each share of Caesars at $13, while it wrapped up Friday’s (June 21st) market at $9.99 per share.