Saturday,  November 26, 2022  3:42 am

Eldorado Resorts buys Caesars Entertainment for $18B

Eldorado Resorts buys Caesars Entertainment for $18B

Eldorado Resorts has purchased Caesars Entertainment in a nearly $18 billion USD deal, creating the largest casino chain in the U.S.

According to The Associated Press, the purchase will lead to the creation of a single company called Caesars, which will bring 60 casinos and resorts in 16 U.S. states together under a single name.

The merged company will be lead by Eldorado CEO Tom Reeg and Eldorado Chairman Gary Carano and based in Reno, Nevada (home to Eldorado’s head office), with a "significant corporate presence" in Las Vegas, the report stated.

The deal takes place after Caesars Entertainment emerged from bankruptcy protection in 2017.

According to the report, Eldorado has a market value of $4 billion, owning and operating 26 properties in 12 U.S. states. It also had long-term debt at the end of March of $3.1 billion.

Eldorado said Monday that it's also reached a real estate agreement with VICI Properties Inc., in which VICI will acquire the real estate associated with Harrah's Resort Atlantic City, Harrah's Laughlin Hotel & Casino, and Harrah's New Orleans Hotel & Casino for approximately $1.8 billion.