Caesars-Eldorado Merger Gets Green Light
The deal was confirmed when the two mega-corporations spread the word via an official joint press release. According to the information provided, the long brewing casino and resort deal was solidified via an official vote, with board members from both companies taking part. The results of the vote were, of course, in favour of the merger.
The merger is expected to be finalised by the end of June 2020.
More Details On The Merger
It was expected that such a massive undertaking would be a costly affair. But, upon the numbers being made public many were still stunned. The deal will see Eldorado Resorts Incorporated handing over a sum of $7.2 billion in cash, as well as roughly 77 million shares. In exchange they will be given a majority stake of Caesars Entertainment Corporation.
The resulting corporate entity will be the biggest casino conglomerate in the entire United States, with dozens of venues now being part of the same parent company.
Additional details given in the press release were the results of the final shareholders vote. It seems that 87% of all investors in Eldorado Resorts Incorporated were in favour of the merger, while 76% at Caesars Entertainment Corporation also gave approval.
Either way, the final numbers were more than enough for the deal to go ahead.
Still A long Road
Though, it was also made clear that there are still some hurdles to conquer before the merger can get started. The most significant is regulatory approval from government bodies, which although still outstanding, are expected to be granted in due course.
Plus, it was added, that there is an additional closing condition that still needs to be verified. Namely that the brand name Caesars will still be used to identify the two corporations under a single umbrella.
So as it stands, the future will be one were a new, larger than ever before Caesars will rule a significant number of the iconic venues in Nevada, and other parts of the world. These venues include Circus Circus Reno, Tropicana Atlantic City, Ballys Las Vegas, Caesars Las Vegas, and many more.
The global gaming industry will be watching with interest to see how the new biggest gambling entity in the United States moves forward from here.