The combined company will give serious competition to big players in the casino industry such as Las Vegas Sands Corp, MGM Resorts International and Wynn Resorts Ltd.
In a cash and stock deal, sources familiar with the matter at hand have said, U.S. casino operator Eldorado Resorts Inc has agreed to merge with Caesars Entertainment Corp in a deal that values its peer at around $18 billion including debt.
The deal, expected to be announced later today, values Caesars at around $13 a share, said sources. The combined company’s ownership would be split roughly between Eldorado and Caesars shareholders.
Sources have preferred the cover of anonymity since the matter is confidential.
Eldorado’s spokesman stated, it does not comment on rumors or speculation.
Caesars did not immediately respond to requests for comment.
The combined company would pose a serious threat to big casino industry players, such as Las Vegas Sands Corp, MGM Resorts International and Wynn Resorts Ltd.
On Friday, Caesars’ shares closed at $9.99. Incidentally, Caesars emerged from bankruptcy in 2017. It operates casinos with the Harrah’s and Horseshoe brands. As of December 2018, it had 53 properties in 14 U.S. states and 5 countries outside the United States.
Eldorado has a market value of $4 billion. As of March 31, 2019, it has a long-term debt of $3.1 billion. It owns and operates 26 properties in 12 U.S. states.
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