Caesars Entertainment Inc. finalized
Eldorado Resorts Inc. has completed a $17.3bn merger deal to acquire Caesars Entertainment Corp., creating the largest casino and entertainment group in the United States. The newly formed company is now known as Caesars Entertainment Inc., trading on the Nasdaq exchange under the CZR ticker symbol.
A total of 52 properties will operate under the brand in 16 different states.
Caesars Entertainment Inc. plans to keep the traditional brands of Caesars and use them in the US. A total of 52 properties will operate under the brand in 16 different states. Along with US operations, the company also owns international companies in countries such as South Africa, Canada, and Dubai, among others.
Details of the deal
With the merger now complete, the new company will keep the Caesars Rewards loyalty program. Existing Eldorado players will be integrated into the program quickly. The reward program is now the largest in the industry with over 60 million members.
Tom Reeg, Eldorado’s CEO and now the new CEO of Caesars Entertainment Inc., commented on the merger, saying: “We look forward to executing on the numerous opportunities ahead to create value for all stakeholders.”
Reeg took time to welcome employees to the combined company and stated that Caesars looks forward to implementing strategic initiatives to position the company for continued growth.
Eldorado’s acquisition agreement was announced in June 2019 and required both shareholder and Federal Trade Commission approval.
The deal also had to be green-lighted by gaming regulators in the 16 states in which the two companies operate. Most of the states approved the deal quickly. Just last week, the New Jersey Casino Control Commission gave Eldorado and Caesars the final approval they needed, voting in favor 2-0.