The largest mergeacquisition event of the year in iGaming has happened: the long-awaited sale of Caesars Entertainment is a done deal! The Las Vegas giant and Eldorado Resorts have officially confirmed the definitive merger agreement between the two brands, creating a new market leader in the US gambling sector.
According to the minutiae of the deal, Eldorado will acquire all of Caesars' shares for $12.75 per share - that's $8.40 per share in cash plus 0.0899 shares of Eldorado common stock - as well as their net debt.
This would afford Eldorado and Caesars shareholders circa 51% and 49% of company's combined outstanding shares.
The new company will have their headquarters in Nevada's Reno, but will keep a heavy presence in Las Vegas.
"We believe this combination will build on the accomplishments and best-in-class operating practices of both companies. I'm familiar with Eldorado and its management team, having worked with them on a previous transaction, and I look forward to collaborating with them to bring our companies together. We are excited to integrate Caesars Rewards with the combined portfolio."
The new company will also win the right of first refusal for the sale of whole assets of sale-leaseback transactions for two venues in las Vegas and Baltimore's Horseshoe Casino.
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