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US: Caesars to reject merger offer?

By  |  October 22, 2018

Caesars has reportedly rejected an offer from the owner of the Golden Nugget, according to the New York Post.

Caesars’ board is expected to unanimously reject Golden Nugget owner Tilman Fertitta’s deal as soon as this week, believing it would saddle the casino giant with too much debt, two sources close to the situation told The Post.

“That is certainly not attractive,” a source with knowledge of Caesars’ board’s thinking said, noting that it was a US$25 billion debt load from a 2008 leveraged buyout that had plunged Caesars into bankruptcy in 2015.

Instead, Caesars  is in advanced talks to buy a few properties from Jack Entertainment, a Midwest-based gaming company that owns six casinos in Cleveland, Cincinnati, and Detroit, the Post reported.

News of the possible merger sent stocks for Caesars soaring last week.

Full Content: New York Post

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