ELDORADO ACQUIRES CAESARS ENTERTAINMENT FOR $17.3-B

A Nevada company that started in 1973 with a single hotel-casino in Reno announced Monday it has completed a $17.3 billion buyout of Caesars Entertainment Corp. and will take the iconic company’s name going forward as the largest casino owner in the world, Ken Ritter wrote for Associated Press (AP) on Juy 21, 2020.

Eldorado Resorts Inc. said the combined company will now own and operate more than 55 casino properties in 16 US states, including eight resorts on the Las Vegas Strip. The buyout also affects Caesars properties in the United Kingdom, Egypt, Canada, Dubai and a golf course in the Chinese gambling enclave of Macau. The company vaulted over MGM Resorts International as the world’s largest casino operation.

“We are pleased to have completed this transformative merger,” Tom Reeg, former CEO of Eldorado Resorts and now CEO of Caesars Entertainment Inc. said in a statement. Reeg promised to welcome the combined company’s tens of thousands of employees and to create value for stakeholders using “strategic initiatives that will position the company for continued growth.”

The buyout also affects Caesars properties in the United Kingdom, Egypt, Canada, Dubai and a golf course in the Chinese gambling enclave of Macau. The company vaulted over MGM Resorts International as the world’s largest casino operation.