Eldorado Resorts Inc has agreed to buy Caesars Entertainment Corp for about $8.5...
- Eldorado Resorts Inc has agreed to buy Caesars Entertainment Corp for about $8.5 billion in cash and stock, as it looks to build scale to take on competition from larger companies such as Las Vegas Sands and Wynn Resorts.
Icahn, who has been pressing for a sale of Caesars, held a 14.75% stake in the company as of March 31, according to data from Refinitiv Eikon. The company owns and operates 34 properties in 9 U.S. states and three continents, and its long-term debt stood at $8.79 billion as of March 31. The combined company will retain Caesars’ name and own, operate and manage 60 casino–resorts across 16 states. The company’s board of directors will consist of 11 members, six of whom will come from Eldorado and five from Caesars.“It is rare that you see a merger where because of the great synergies ‘one plus one equals five.’ I look forward to seeing our investment prosper,” he said in a statement.
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