Eldorado finishes $17.3B buyout of Caesars Entertainment
A Nevada company that started in 1973 with a single hotel-casino in Reno announced Monday it has completed a $17.3 billion buyout of Caesars Entertainment Corp. and will take the iconic company’s name going forward as the largest casino owner in the world.
Eldorado Resorts Inc. said the combined company will now own and operate more than 55 casino properties in 16 U.S. states, including eight resorts on the Las Vegas Strip.
“We are pleased to have completed this transformative merger,” Tom Reeg, former CEO of Eldorado Resorts and now CEO of Caesars Entertainment Inc. said in a statement.
Reeg promised to welcome the combined company's tens of thousands of employees and to create value for stakeholders using “strategic initiatives that will position the company for continued growth.”
The buyout also affects Caesars properties in the United Kingdom, Egypt, Canada, Dubai and a golf course in the Chinese gambling enclave of Macau. The company vaulted over MGM Resorts International as the world's largest casino operation.
Trading under the Caesars stock symbol, CZR, will begin Tuesday, said Anthony Carano, company president and chief operating officer
Artist/Author: Las Vegas Sun July 20, 2020 |
