Caesers Going Up for Sale.

[sondor]

Looks like it may be done....

EW YORK (Reuters) - U.S. casino operator Eldorado Resorts Inc has agreed to merge with Caesars Entertainment Corp in a cash and stock deal that values its peer at about $18 billion including debt, people familiar with the matter said on Sunday.

The agreement comes three months after Reuters reported that Caesars had agreed to give Eldorado access to its books under pressure from billionaire investor Carl Icahn, who earlier this year was awarded seats on Caesars’ board.

The deal, which is expected to be announced on Monday, values Caesars at close to $13 a share, according to the sources. The combined company's ownership would be split roughly between Eldorado and Caesars shareholders, the sources said.

The sources asked not to be identified because the matter is confidential. An Eldorado spokesman said the company did not comment on rumors or speculation. Caesars did not immediately respond to requests for comment.

The combination of the two companies would create a serious competitor to larger casino industry players, such as Las Vegas Sands Corp, Wynn Resorts Ltd and MGM Resorts International.

Caesars' shares closed on Friday at $9.99. The company, which emerged from bankruptcy in 2017, operates casinos with the Harrah's and Horseshoe brands. It had 53 properties in 14 U.S. states and five countries outside the United States at the end of December.

Eldorado has a market value of $4 billion. It also had long-term debt at the end of March of $3.1 billion. It owns and operates 26 properties in 12 U.S. states.

[charlie50]

Well we will see how it goes

[zeus]

This is exactly what I was just reading about. Some say Rio and Planet Hollywood would be sold, and not part of the new company. Sort of sad if true because even though the Ho is not the nicest resort, I pretty much like everything about it. But I guess time will tell.

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[TwoArmedBandito]

We shall see what happens. Imo this was one of the better scenarios.

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[Penguin]

Here is some more information. Lets get all this under one thread.

https://www.nj.com/news/2019/06/eldo...sino-deal.html

[Curlyd]

So does this mean that these properties will no longer by Caesar's? It shouldn't affect the August M&G for those staying at Harrah's as the deal isn't suppose to close until beginning of next year.


Eldorado said Monday that it’s also reached a real estate agreement with VICI Properties Inc. in which VICI will acquire the real estate associated with Harrah’s Resort Atlantic City, Harrah’s Laughlin Hotel & Casino, and Harrah’s New Orleans Hotel & Casino for approximately $1.8 billion. Other terms of the deal include VICI being given right of first refusals for whole asset sale or sale-leaseback transactions on two Las Vegas Strip properties and the Horseshoe Casino Baltimore.


Or not? Found this info on VICI

https://viciproperties.com/

Vici Properties is a real estate investment trust specializing in casino properties, based in New York City. It was formed in 2017 as a spin-off from Caesars Entertainment Corporation. It owns 23 casinos, hotels and racetracks and 4 golf courses throughout the United States


OK one of you smart Jokers tell me what you think this means please.

[charlie50]

yeah change is always an uncertain process , i sure would hate to see harrahs turn in to a just like all the rest kinda joint . ya never know we may need to find a new hobby next year

[Penguin]

VICI owns 20 CET properties. The list is here https://viciproperties.com/properties/casino-resorts/

I would think that most of these properties will stay with the combined company (to be called Caesars). VICI has already said that they will make a new master agreement with the combined company regarding the properties they own and lease out to CET. Of course the big issue will be a state level with gambling commissions. One thing, I have never heard people here talk about how much better Eldorado facilities are when compared to a CET property in the same location. Therefore I think any conflicts would be settle with sales of Eldorado properties if needed. No real word on the Native American casinos managed by CET (Harrahs). Also believe that the Windsor contract is up in a short time as Ontario owns the casino.

Right now we are thinking this is okay news for us especially if they keep the Caesars Player Reward program and integrate it into Eldorado properties. Of course what changes they make to the program regarding "free" or low cost tier credits may be something to look at in the future. Eldorado management will get the expected financial savings one way or another. Lean operation.

[Curlyd]

Bill and I enjoyed The Isle of Capri when we had the M&G there. We liked the slot floor and the hotel.

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[clemi]

Here is the announcement to Caesars employees (via Vital Vegas).

Lol I must be strange but this guy looks a bit disheveled with his crooked tie and shirt... not knocking him as I bet he’s been through a lot these past few days!

https://youtu.be/n3y9VACXKPs