Eldorado takeover Caesars to create casino giant

Caesars Entertainment has agreed to be bought by Eldorado Resorts in a deal worth $17.3 billion (£13.6bn).

It will create one of the largest casino firms in the USA and comes after a few turbulent years for Caesars.

The American gaming hotel and casino corporation owns 34 casinos including Las Vegas-based Caesars Palace, which has hosted major sports and music events.

Caesars was in financial trouble for a decade and only emerged from bankruptcy in 2017.

Eldorado will buy Caesars for about $8.5bn in cash and shares, and also take on the firm’s significant debt. It is part of a plan to compete with major competitors. Billionaire activist investor Carl Icahn had built a 14.75% stake in Caesars and urged the company to put itself up for sale as a way to cut debt.

In a parallel deal also announced on Monday, the combined company will sell some of its property estate to Vici Properties to help pay down debt.

Author: Casino Rulz