Daily Management Review

US Eldorado Resorts casino chain to buy Caesars Entertainment for $ 8.7 billion


The American casino chain Eldorado Resorts and its competitor, Caesars Entertainment, have reached an agreement on a merger, reports Bloomberg, citing sources. Officially, the deal can be announced on Monday, June 24th. Under the terms of the agreement, Eldorado Resorts is expected to pay $ 8.7 billion in cash and shares.

Ken Lund
Ken Lund
Each Caesars share was valued at $ 13, which is 30% higher than their value at the end of Friday's trading. And the whole company is thus valued at $ 18 billion, including debts. The combined company will be divided almost equally between shareholders of the two casino operators, according to the agency’s sources.

Caesars was once one of the most successful casino chains in the United States, but the company’s buyback through Apollo Global Management and TPG Capital loans in 2006 left Caesars heavily indebted just before the financial crisis. As a result, in 2015, the company had to file an application to initiate bankruptcy proceedings with protection from creditors. The initiator of the current deal on the sale of Caesars was billionaire Carl Icahn, who is one of the largest shareholders of the company with a share of 28.5%.

source: bloomberg.com

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