Nevada-based Eldorado Resorts announced plans to acquire and merge with Caesars Entertainment Corp. in June 2019. The New Jersey Casino Control Commission was assured by an antitrust analyst that the deal would not concentrate too much of the gambling economy in one’s hand.
The company began with a casino-hotel in Reno, Nevada, in 1973. It has 52 properties in 16 US states, including Las Vegas Strip casino-resorts like Flamingo, Paris Las Vegas, Planet Hollywood, Caesars Palace and Linq. Eldorado is expected to close the deal in the coming days. The buyout will also affect Caesars properties in the United Kingdom, Canada, Egypt, and a golf course in Macau.
The CEO of Eldorado, Thomas Robert Reeg said, “Billionaire investor Carl will be the largest single shareholder, with more than 10% of the combined company.” Chairman James Plousis was satisfied after the hearing, saying, “Eldorado executives had been honest about the challenges that lie ahead and recognised the importance of Atlantic City to their success.”
Indian casino and horse racing authorities have also approved the buyout. Out of the five casinos in Indiana, executives have agreed to sell three and plans to sell at least one Las Vegas Strip property. Caesar entertainment will be selling Bally’s Atlantic City hotel casino to Twin River Worldwide Holdings for $25 million. Eldorado has plans to improve Caesars, Harrah’s and the Tropicana for three years and reinvest annually post that.
The Head and consultant of the economic department at the University of Illinois stated that “Upgrades of the hotel rooms and casinos will help attract customers.” He added that “These properties have to be invested in if they are going to be competitive with the other major resorts in town.” For more updates, keep reading GutshotMagazine.com and stay tuned!