LAS VEGAS – a Nevada company that started with Reno’s single hotel-casino in 1973, announced on Monday that it had completed $ 17.3 billion of Caesars Entertainment Corp. and named it the prestigious company in the world’s largest The casino will take over as the owner.
Eldorado Resorts Inc. ERI,
The combined company is said to now own and operate more than 55 casino properties in 16 US states, including eight resorts on the Las Vegas Strip.
“We are pleased to complete this transformative merger,” Tom Reig, former CEO of Eldorado Resorts and Reese of Caesars Entertainment Inc. CZR
Said in a statement.
Reig promised to welcome the combined company tens of thousands of employees and create value for stakeholders, using “the company’s strategic position to progress growth”.
The purchase affects Kaiser properties in the United Kingdom, Egypt, Canada, Dubai, and a golf course in the Chinese gambling enclave of Macau. Vault on the company MGM Resorts International MGM,
As the world’s largest casino operation.
The company plans to shed several assets to meet antitrust concerns raised before approvals in Indiana and New Jersey by the Federal Trade Commission and regulators. In Nevada, officials have said they can sell at least one Las Vegas Strip property.
The New Jersey Casino Control Commission approved the deal on Friday, after the combined company announced plans to sell Balli’s Atlantic City. Kaiser Entertainment will leave with three of the nine casinos in Atlantic City: Kaiser, Harrah and The Tropicana.
Officials promised federal regulators that the company would sell the site in Kansas City, Missouri; South Lake Tahoe, California; And Shreveport, Louisiana. Reig told Indiana regulators that casinos would be sold in Evansville and Elizabeth, possibly with the sale of a casino in Hammond.
In Las Vegas, the combined company now owns Caesars Palace, Paris Las Vegas, Planet Hollywood, Harrah’s Las Vegas, Flamingo, Lync Hotel, Cromwell, Bally and Rio outside the Strip. It will be one of the largest employers in Nevada.
Billionaire investor Carl Econ will be the largest shareholder, holding more than 10% of the combined company, Reig told Newton Regulators. ICAN acquired a large block of Kaiser shares in late 2017 after emerging from bankruptcy protection and pushing for a sale.
Eldorado founder Don Carano and his family developed a winemaking and casino empire, before purchasing 26 gambling properties and more than 18,000 employees in 12 states. Karano died in 2017. Many family members remain in the executive ranks of the company.
Caesars Entertainment had some 65,000 employees before the casino closed in March, including 30,000 in Nevada due to the coronovirus epidemic. Most of its properties have reopened.
The merger also includes properties in Arizona, Colorado, Florida, Illinois, Iowa, Mississippi, North Carolina, Ohio, Pennsylvania and Maryland.
JPMorgan, Credit Suisse and Macquarie Capital acted as financial advisors for the deal.