US casino operator Eldorado Resorts Inc announced that it has reached a final merger agreement with Caesars Entertainment Corp
The deal between the two companies is worth $17.3 billion. Through the completion of this transaction, the largest gaming group in the United States emerged. The new company, after the merger will carry on using the name "Caesar."
It is reported that this acquisition also affects Caesars Entertainment Group’s assets in the UK, Egypt and Canada, as well as the golf course located in the Macau casino.
Eldorado and Caesars shareholders will hold 51% and 49% of the company's issued shares, respectively, to provide consumers with about 60 casino resorts and other entertainment facilities in 16 states in the United States.
Caesars Chairman Jim Hunt commented: "This agreement is the result of a comprehensive evaluation by the Caesars Board of Directors. The Board of Directors agreed that the merger of these two companies creates a stronger entity. This is a decision taken by our shareholders after consideration and has won the support."
However, according to CNN, Caesars has been facing financial difficulties in the past 10 years. Some companies have filed for bankruptcy in 2015 and have nearly 9 billion U.S. dollars in debt, which exceeds the company's market value of approximately 7 billion U.S. dollars.
Eldorado owns and operates 26 properties in 12 states in the United States, with a total of about 23,000 slot machines, about 650 table games (table games) and more than 12,000 hotel rooms.
Caesars Entertainment was founded in 1937. In the United States, Caesars hotels have approximately 48,000 slot machines, approximately 3,000 table games and more than 39,000 hotel rooms.
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