There is a big tremor occurring
in the USA ‘brick and mortar’ gambling world, which is set to change the
landscape of land-based casino entertainment, nationwide.
The iconic Caesar’s
Entertainment brand is up for sale and it seems like they have met their buyer.
Eldorado Resorts is said to be in the process of purchasing Caesar’s
Entertainment – lock, stock and barrel in a deal that is said to total around
$17.3 billion. The joining of these two casino gambling juggernauts is set to
establish the biggest and most powerful gambling firm in the United States.
Eldorado Resorts is already a
prominent name in the hotel and gaming business, operating 26 gambling
facilities across the country. Their ambitious move will see them dominate the
gambling scene in America, controlling properties under the Bally, Harrah, and
Caesar’s brands, bringing its total ownership stake to 60 facilities in 16
states across the nation.
Caesar’s brand is most famous
for its iconic Caesar’s Palace Hotel and Casino in Las Vegas, Nevada, but its
status does not rest there. The Caesar’s Entertainment brand owns 53 properties
worldwide, with over 200 nightlife venues, and over 300 dining outlet, globally.
Caesar’s Palace itself hosts the Omnia Nightclub; Nobu, Giada, and Hell’s Kitchen Restaurants, as well as the iconic Caesar’s Palace Theatre which has hosted huge names in the entertainment industry, such as Gwen Stefani, Celine Dion, and many more over the past 80 years. The hotel boasts 5-star lodging, spas, salons, golfing, and many other attractions.
The buy-out will be concluded in
both cash and stock payments. A payment of $7.2 billion is said to be
negotiated with the remainder of the $17.3 billion price tag to be settled in shares
dispersion. Even with the share dispersion, Eldorado and its shareholders will
remain in control of 51% of the overall merged company once the deal is done.
Eldorado is set to have placed a
valuation on Caesar’s shares of around $12.75 per share, even though the
company had been trading on the stock exchange at around $10 towards the end of
June. It has been touted that Eldorado will, however, be paying a purchase
price to the tune of $8.40 a share in cash with the rest of the payment in
shares as previously mentioned.
The deal comes as a result of
the influence of Carl Icahn, who owns over 10% of Caesar’s shares. The control
over several board seats saw Icahn appoint a new CEO who would lead in
accordance with his ways. Icahn’s involvement in the company saw the share
price rise well, which presented the perfect environment to sell the company on
at haste. Eldorado has presented the best option going forward.
This merger represents an
extremely big power shift in the world of casino entertainment. Eldorado
Resort’s CEO, Tom Reeg has insinuated that the coming together of these two
iconic brands suitably positions them for powerful alliances with industry
leaders in the sports betting and online casino gaming industries.
The company seems set on the
future, identifying the digital realm as a necessary partner to march the
company on to things to come. It will be interesting to see where this
formidable partnership will go.
While we note that the companies are positioned to partner with leading online gambling names in the industry, are we set to see a new contender hit the digital markets? From a games provision aspect, this could be of great benefit for remote gamblers in the USA.
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