gambling operations.Īpproval in New Jersey was the final hurdle. Reeg will head what officials have termed “new Caesars,' and he emphasized the company’s focus on U.S.
Eldorado will own 56% of the merged company, which will continue operations and stock trading under the name Caesars Entertainment Inc.Įldorado stock traded at $39.01 on Friday, and Caesars Entertainment was at $12.39. Icahn acquired a large block of Caesars shares after that company emerged from bankruptcy protection in late 2017 and pushed for the sale.Įldorado plans to buy Caesars stock at $12.30 per share, using $8.70 in cash and the remainder in Eldorado shares, Reeg told Nevada regulators. The buyout also affects Caesars properties in the United Kingdom, Egypt, Canada and a golf course in the Chinese gambling enclave of Macau.īillionaire investor Carl Icahn will be the largest single shareholder, with more than 10% of the combined company, Eldorado CEO Thomas Reeg said this week.
Man gunned down in middle of day on Philly street
