Big rollers: Eldorado buys Caesars in deal valued at $17B

Eldorado Said to Agree to Buy Caesars for About $8.7 Billion

Eldorado Said to Agree to Buy Caesars for About $8.7 Billion

It will create one of the largest casino firms in the USA, and comes after a few turbulent years for Caesars.

The agreed equity value of US$12.75 a share - in a mix of cash and Eldorado stock - represents a premium of about 28 per cent to Caesars's Friday closing price.

Eldorado has a market value of about $4 billion.

US 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.

Mr Icahn said he was "pleased" by the deal, adding in a statement: "It is rare that you see a merger where, because of the great synergies, "one plus one equals five".

To acquire the venerable Caesars name and properties, Eldorado will part with $7.2 billion in cash and around 77 million in stock shares. The company completed a bankruptcy of its largest unit two years ago that brought in new board members and shareholders, including distressed-debt investors.

Caesars, which emerged from bankruptcy in 2017, operates casinos with the Harrah's and Horseshoe brands.

Eldorado Resorts buys WSOP owner Caesars Entertainment, will merge in a $17.3 billion deal.

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Before Monday, Eldorado shares had risen 17 per cent in the past year, compared with a 12 per cent decline in Caesars's stock. "The Board unanimously concluded that the combination of these two companies creating an even stronger entity is a decision for our shareholders' consideration and vote for immediate ongoing value".

The company, which will be called Caesars, will be led by Reeg, along with Eldorado Chairman Gary Carano. Golden Nugget owner Tilman Fertitta proposed merging his restaurant and casino empire with Caesars past year, but was rejected by Caesars.

"Eldorado's combination with Caesars will create the largest owner and operator of US gaming assets and is a strategically, financially and operationally compelling opportunity that brings immediate and long-term value to stakeholders of both companies", said Reeg.

"Eldorado's combination with Caesars will create the largest owner and operator of USA gaming assets", Eldorado CEO Tom Reeg said in a statement.

Icahn, who has been pressing for a sale of Caesars, held a 14.75% stake in the company as of March 31, according to data from Refinitiv Eikon.

Caesars owns 34 casinos including Las Vegas-based Caesars Palace, which has hosted major sports and music events.

The merger also includes a $3.2 billion side deal with VICI Properties.

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