Caesars Entertainment Soars As It Closes In On Merger With Eldorado Resorts
Monday 10 de June 2019 / 13:06
⏱ 2 min read
(United States).- Caesars Entertainment stock gapped up on reports it is close to securing a merger deal with rival Eldorado Resorts. Casino stocks as a whole were also broadly up.
Activist investor Carl Icahn has been pushing for a sale since building a sizable stake in Caesars, which is now said to be close to 29%. His efforts have seen him win three board seats, and he now seems close to total victory.
Sources told the Wall Street Journal that Caesars and Eldorado are close to finalizing a cash-and-stock deal, and that it could be announced later this month. It comes just a day after the New York Post reported Caesars and Icahn agreed to reject an "underwhelming" bid from the gaming company. If the deal does come off, Eldorado management is expected to take charge of the combined company.
Caesars is a giant of the industry, with around 50 casinos in 13 states and five countries. The jewel in its crown is the famed Caesars Palace.
With its 25 properties primarily located outside of Las Vegas, Eldorado has a market value of around $4 billion, a third smaller than Caesar's $6 billion. However troubled Caesars is also saddled with around $9 billion in long-term debt.
Sources told the WSJ that additional debt would have to be taken on by Eldorado or the combined company to get the deal over the line.
A number of gaming industry rivals have looked at merging with Caesars. Boyd Gaming (BYD) is said to be still weighing up the prospects, but insiders said the odds are slim it will win out.
"Billion Dollar Buyer" star Tilman Fertitta also looked into combining the firm with his Golden Nugget chain; however the Caesars board was said to be concerned the reverse merger would leave its firm saddled with too much debt.
Categoría:Casino
Tags: casinos, Caesars Entertainment,
País: United States
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