A Nevada casino firm becomes the world’s largest casino company after it got regulators’ approval for a buyout. Eldorado Resorts Inc. acquires Caesars Entertainment Corp. for $17.3 billion.
The approval came after an antitrust analyst assured the New Jersey Casino Control Commission that the buyout would not affect any of the casinos in Atlantic City. The regulator said that it would not affect the local gambling industry.
Chairman James Plousis said that the commission is happy that Eldorado executives were honest about the challenges they would face in the future. Also, the executives recognized the importance of Atlantic City to their success.
Nevada Casino Firm Closes Deal
Eldorado will close the buyout in the next couple of days. The company has a humble beginning as a family-owned casino in Reno, Nevada, in 1973. At present, it is going to be the most prominent gambling firm in the world, according to sportsbook pay per head sources.
The company has 52 properties in sixteen states. They own casino resorts in the Las Vegas Strip, such as Paris Las Vegas, Flamingo, Linq, Planet Hollywood, and Caesars Palace. Based on pay per head bookie reports, the deal would affect Caesars properties in Egypt, the United Kingdom, and Canada. Also, it would involve a golf course in Macau.
Billionaire Carl Icahn is the biggest shareholder of the company, with ten percent shares. He got a large portion of Caesars shares after the company arose from bankruptcy protection in 2017. Also, he pushed for the buyout.
Eldorado would purchase Caesars stock at $12.30 a share by using $8.70 in cash and the rest by Eldorado shares. As a result, Eldorado would own 56 percent of the merged firm. The company will continue its operations, and will publicly trade as Caesars Entertainment Inc.
Becoming a bookie is part of its plan. However, it still needs to satisfy the antitrust issues of regulators by selling several properties.