The megadeal merger between Eldorado Resorts and Caesars Entertainment was completed on Monday, July 20. The merger marks the creation of a new regional gaming giant in the US.
The $17.3 Billion Merger Is Now Completed
The megadeal merger between Eldorado Resorts and Caesars Entertainment was completed on Monday morning. As per the $17.3 billion acquisition of Caesars Entertainment by Eldorado Resorts, now a new regional gaming giant has emerged. This giant will keep the name Caesars and will manage some 52 properties in 16 U.S. states. With that in mind, eight of those properties are actually a part the Strip in Las Vegas, Nevada.
The merger was initially announced in June 2019. Before proceeding with the deal, the companies had to receive approval from state’s gambling commissions. Earlier this month, the Nevada Gaming Control Board gave the green light on the megadeal.
The next approval that was expected was the one by the Indiana Gaming Commission as well as the Indiana Horse Racing Commission. The green light from those regulators was given a few weeks ago. Last in line was expected the approval of the New Jersey Casino Control Commission, which was given last week. Although the ongoing COVID-19 pandemic in the US did slow this process down, as of yesterday, the megadeal between the two giants is completed.
A New Gaming Market Leader Is Born, Following a “Transformative Merger”
Commenting on the subject, Tom Reeg, Caesars Entertainment CEO said in a statement: “We are pleased to have completed this transformative merger, thus making us the premier leader in gaming and hospitality.” He added: “We look forward to executing on the numerous opportunities ahead to create value for all stakeholders.” Reeg continued by saying welcome to all of the new team members of the combined company. He pointed out that everyone will be looking forward towards: “implementing all of the strategic initiatives that will position the company for continued growth.”
Here, it’s important to mention that the new regional giant will have strong presence on the gaming market. Last week, Reeg also expressed high hopes for the properties which the company will acquire in Atlantic City. He said that: “Atlantic City, where it sits, is in the middle of a gigantic population center.” Furthermore, Reeg noted that it is one of the priorities for the company to make those properties more attractive for customers.
Elsewhere, at the Strip in Las Vegas, the giant will manage these eight properties: Caesars Palace, Linq Resort, Planet Hollywood, Harrah’s Las Vegas, Flamingo Las Vegas, Bally’s Las Vegas, Paris Las Vegas and Cromwell. Earlier this month, Eldorado Chief Financial Officer, Brent Yunker deemed the properties on the Strip as: “incredibly valuable.” Furthermore, under the merger, the giant also acquired two properties in Laughlin, Nevada – the Resorts Tropicana Laughlin and Harrah’s Laughlin.