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Eldorado buying Caesars in $17.3B cash-and-stock deal

3 weeks 2 days 21 hours ago Monday, June 24 2019 Jun 24, 2019 June 24, 2019 7:40 AM June 24, 2019 in News
Source: WBRZ
Photo: The Wall Street Journal

LAS VEGAS - Eldorado Resorts is buying Caesars in a cash-and-stock deal valued at $17.3 billion, creating a casino giant.

The deal Monday puts about 60 casinos and resorts in 16 states under a single name. Eldorado will pay $8.40 per share in cash and 0.0899 shares of Eldorado stock for each Caesars share, or $12.75 per share.

The combined business will be called Caesars and its shares will be traded on the Nasdaq stock market. Shareholders of Eldorado Resorts Inc. will hold about 51 percent of the company's outstanding stock, with Caesars Entertainment Inc. shareholders holding the remaining and 49 percent.

The deal is targeted to close in the first half of next year if approved by gaming regulators and shareholders.

Eldorado also owns Belle of Baton Rouge, which it obtained in a $1.85 billion acquisition of Tropicana Entertainment, according to the Business Report.

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