Eldorado Resorts Acquires Caesars Entertainment for $17.3 Billion

The CompanyEldorado Resorts officially completed the acquisition of Caesars Entertainment. The transaction amount is 17.3 billion dollars. The deal was approved by the Nevada Gaming Commission, the Indiana Gaming Commission, the Indiana Horse Racing Commission, and the New Jersey Casino Control Commission. However, the Indiana Gaming Commission has instructed the operator to sell three of its casinos in the state before the end of the year.

The new company will be operated by Eldorado Resorts but retain the Caesars name.

The organization will control just under 60% of Indiana's gambling revenue.

The deal between Eldorado and Caesars became possible after investor Carl Icahn became Caesars Entertainment's largest shareholder. Merger agreement was confirmed in June 2019 and all shareholder approval was received in November.

The new entity will have 55 properties under its management in the US, UK, UAE and other countries. 56% of the shares after the merger will go to Eldorado shareholders. Caesars shareholders will be compensated $12.3 per share, of which $8.7 will be given in cash.

The merger of the two giants was the first but may not be the only major deal in 2020. Previously, Evolution Gamingsubmitted a bid to buy NetEnt. If the deal is approved, then Evolution Gaming will become the largest provider in online gambling.

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