U.S. casino operator Eldorado Resorts Inc has agreed to buy rival Caesars Entert...
- U.S. casino operator Eldorado Resorts Inc has agreed to buy rival Caesars Entertainment Corp for about $8.5 billion in cash and stock, as it looks to build scale to take on larger companies such as Las Vegas Sands and Wynn Resorts.
Shares of Caesars, up 47% this year, rose 11.4% to $14.51 at mid-afternoon, while Eldorado’s stock, which has increased 41.4% year to date, fell 13.2% to $44.45. “Eldorado has proven its ability to execute. ... We expect the long-term positives could prove out,” Jefferies analyst David Katz said. Founded in 1973 by the Carano family, Eldorado had long-term debt of about $3.06 billion at the end of March. The company owns and operates 26 properties in 12 U.S. states."It is rare that you see a merger where because of the great synergies 'one plus one equals five.
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