Daily Management Review

Eldorado Resorts becomes the largest casino operator in the USA


US casino and hotel operator Eldorado Resorts has completed an acquisition of rival Caesars Entertainment Corp. for $ 17.3 billion. Thus, the largest company in the US gaming industry was formed, which will overtake MGM Resorts International.

Ken Lund
Ken Lund
The firm will own or operate 55 properties in 16 states and several other countries, including Dubai and the UK.

Earlier it was reported that Caesars Entertainment will continue to operate under its own brand, and its shares will remain on the exchange.

Under the terms of the deal, Caesars shareholders received a total of $ 12.3 per share they held, including $ 8.7 in cash. Following the merger, Eldorado shareholders own 56% of the combined company.

US casinos, including the largest in Las Vegas, have shut down in mid-March due to the coronavirus pandemic. Since then, many of them have opened, but with restrictions on the number of visitors and the mandatory wearing of masks. It is still unclear when major entertainment events and conferences will return.

Eldorado's capitalization has dropped 37% since the beginning of the year, but has jumped more than 130% over the past three months.

source: cnn.com