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US: Eldorado Resorts plans $8.5B Caesars buy

By  |  June 24, 2019

According to a report by The Wall Street Journal, US casino operator Eldorado Resorts has agreed to buy rival Caesars Entertainment for about $8.5 billion in cash and stock, as it looks to build scale to take on larger companies such as Las Vegas Sands and Wynn Resorts.

The deal comes more than three months after Caesars agreed to give billionaire investor Carl Icahn three board seats to his representatives and a say on the selection of its next chief executive officer.

Eldorado has made a series of acquisitions over the past few years including a US$1.85 billion deal for Icahn-backed Tropicana Entertainment in 2018 and a US$1.7 billion deal for Isle of Capri Casinos in 2017, strengthening its free cash flow and earnings per share.

Full Content: Wall Street Journal

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