Caesars Entertainment Soars As It Closes In On Merger With Eldorado Resorts
Monday 10 de June 2019 / 13:06
2 minutos de lectura
(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
Event
iGaming Club Conference Cancun
24 de November 2025
Levon Nikoghosyan Confirms iGaming Cancun’s Success and Future LATAM Expansion
(Cancun, SoloAzar Exclusive).- The vibrant energy of iGaming Cancun has set the tone for a new chapter in the Latin American iGaming industry. Levon Nikoghosyan, CEO and Co-Founder of AffPapa and iGaming Club, shared his enthusiasm for the event’s debut in Mexico, highlighting its impact on the regional market and the company’s ambitious plans for the future.
Thursday 04 Dec 2025 / 12:00
iGaming Club Cancún 2025 Concludes Successfully with Strong Connections in Its First LatAm Edition
(Cancun, SoloAzar Exclusive).- iGaming Club Cancún 2025 came to a close last night with a comprehensive experience of conferences, networking, and the AffPapa iGaming Awards LATAM gala, consolidating itself as a unique space for operators, affiliates, and providers in the region.
Thursday 27 Nov 2025 / 12:00
iGaming Club Cancún 2025: Affiliates, Operators, and Innovation Take Center Stage on Final Day
(Cancun, SoloAzar Exclusive).- The second and final day of iGaming Club Cancún 2025 unfolds today, bringing together operators, affiliates, and select B2B providers in a unique networking and conference environment that highlights the evolving dynamics of the Latin American iGaming market.
Wednesday 26 Nov 2025 / 12:00
SUSCRIBIRSE
Para suscribirse a nuestro newsletter, complete sus datos
Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.