Eldorado Resorts Inc. agreed to buy its larger rival Caesars Entertainment Corp. for about $8.58 billion in cash and stock, a move that would create the largest U.S. casino operator by venue count. The deal combines Caesars’ Las Vegas properties—which include Caesars Palace and Harrah’s—with Eldorado’s locations, many of which are in the South and Midwest. In all, the combined firm will own and operate 60 casinos in 16 states. Eldorado...
Eldorado Resorts will use profits from the sale of assets worth $1.8bn to fund its acquisition of Caesars Entertainment, in a cash and shares deal worth around $8.58bn. The sale, the latest in the saturated casino sector, is scheduled to close during H1 2020, while the combined companies will operate 60 casinos in 16 states, all under the Caesar's brand. In an interview with Bloomberg News, CEO Steve Wynn said that he was "thrilled" by the deal.