Eldorado Resorts buying Caesars in US$17.3b cash-and-stock deal
Monday, June 24, 2019
Eldorado Resorts is buying Caesars in a cash-and-stock deal valued at US$17.3 billion, creating a casino giant.
The deal today puts about 60 casinos and resorts in 16 states under a single name.
Eldorado will pay US$8.40 per share in cash and 0.0899 shares of Eldorado stock for each Caesars share, or US$12.75 per share.
The combined business will be called Caesars and its shares will be traded on the Nasdaq stock market.
Shareholders of Eldorado Resorts Inc. will hold about 51 percent of the company’s outstanding stock, with Caesars Entertainment Inc. shareholders holding the remaining and 49 percent.
The deal is targeted to close in the first half of next year if approved by gaming regulators and shareholders.-AP