Eldorado Resorts Las Vegas Nevada
LAS VEGAS (AP) — A Nevada company that started in 1973 with a single hotel-casino in Reno announced Monday it has completed a $17.3 billion buyout of Caesars Entertainment Corp. and will take the iconic company’s name going forward as the largest casino owner in the world.
Eldorado Resorts Inc. said the combined company will now own and operate more than 55 casino properties in 16 U.S. states, including eight resorts on the Las Vegas Strip.
“We are pleased to have completed this transformative merger,” Tom Reeg, former CEO of Eldorado Resorts and now CEO of Caesars Entertainment Inc. said in a statement.
Industry: Hotel/Motel Operation Doing business as: Grandview at Las Vegas Eldorado Development Corp., Eldorado Resorts Corp. Registration: Jan 5, 2001 Site: dailymanagementresorts.com Phone: (702) 248-3570, (702) 212-9802, (702) 212-9653 (Fax), (702) 966-4700 Description: The Grandview at Las Vegas is located approximately five miles from McCarran International Airport and the Vegas Strip. Book Early, Save More! Receive up to 25% off an upcoming Eldorado Resort midweek stay within 30 days, or receive 45% off for stays 30+ days in advance. Valid for travel through March 2022. Minimum 2-night length of stay required. Offer valid Sunday through Thursday stays only.
Reeg promised to welcome the combined company’s tens of thousands of employees and to create value for stakeholders using “strategic initiatives that will position the company for continued growth.”
The buyout also affects Caesars properties in the United Kingdom, Egypt, Canada, Dubai and a golf course in the Chinese gambling enclave of Macau. The company vaulted over MGM Resorts International as the world’s largest casino operation.
Trading under the Caesars stock symbol, CZR, will begin Tuesday, said Anthony Carano, company president and chief operating officer.
“We’re excited as a company and a family to lead such an iconic gambling company with 80,000 team members all over the country,” Carano said.
The company plans to shed several properties to satisfy antitrust concerns raised before approvals were granted by the Federal Trade Commission and regulators in Indiana and New Jersey. In Nevada, executives have said they may sell at least one Las Vegas Strip property.
Carano acknowledged the combined company now carries $13 billion in debt and has billions in additional obligations to VICI Properties and another real estate investment trust, Gaming and Leisure Properties Inc.
He said that the company was “in a great financial position as Caesars going forward from here” and will reduce debt. Properties outside the U.S. will likely be sold, he said.
The New Jersey Casino Control Commission approved the deal Friday, after the combined company announced plans to sell Bally’s Atlantic City. That will leave Caesars Entertainment with three of nine casinos in Atlantic City: Caesars, Harrah’s and the Tropicana.
Executives promised federal regulators the company will sell sites in Kansas City, Missouri; South Lake Tahoe, California; and Shreveport, Louisiana. Reeg told Indiana regulators that casinos in Evansville and Elizabeth would likely be sold, with a sale of a casino in Hammond possible.
In Las Vegas, the combined company now owns Caesars Palace, Paris Las Vegas, Planet Hollywood, Harrah’s Las Vegas, the Flamingo, Linq Hotel, Cromwell, Bally’s, and the Rio off the Strip. It will be one of the largest employers in Nevada.
Billionaire investor Carl Icahn will be the largest single shareholder, with more than 10% of the combined company and three members on the new company board, Carano said. Icahn acquired a large block of Caesars shares after that company emerged from bankruptcy protection in late 2017. Carano called the financier “integral” to the merger.
Eldorado founder Don Carano and his family developed a winemaking and casino empire that grew into 26 gambling properties and more than 18,000 employees in 12 states before the buyout. Carano died in 2017. Anthony Carano, a grandson, counted nine family members still involved in company affairs.
Caesars Entertainment had some 65,000 employees before casino closures in March due to the coronavirus pandemic, including 30,000 in Nevada. Most of its properties have reopened.
The merger also involves properties in Arizona, Colorado, Florida, Illinois, Iowa, Mississippi, North Carolina, Ohio, Pennsylvania and Maryland.
J.P. Morgan, Credit Suisse and Macquarie Capital served as financial advisers for the deal.
| Formerly | Eldorado Resorts, Inc. (1996–2020) |
|---|---|
| Type | Public |
| |
| Industry | Gaming & hospitality |
| Founded | 1996; 25 years ago (1996) |
| Headquarters | Reno, Nevada, U.S. |
| Gary Carano (Executive Chairman) Thomas Reeg (CEO) Anthony Carano (President and COO) | |
| Products | |
| Brands | Caesars Eldorado Harrah's Horseshoe Tropicana William Hill |
| Revenue | $3.5 billion[1] (2020) |
| $−1.8 billion[1] (2020) | |
| Total assets | $36.4 billion[1] (2020) |
| Total equity | $5.0 billion[1] (2020) |
| Owner | Carano family (11%) Others (89%)[2] |
Number of employees | 54,000[3] (2020) |
| Divisions | |
| Website | caesars.com |
El Dorado Resort Las Vegas Nevada
Caesars Entertainment, Inc., formerly Eldorado Resorts, Inc., is an American hotel and casino entertainment company founded and based in Reno, Nevada, that operates more than 50 properties.[4] Eldorado Resorts acquired Caesars Entertainment Corporation and changed its own name to Caesars Entertainment on July 20, 2020.
History
The company traces its history back to the development of the Eldorado Hotel in Reno, which was opened on May 24, 1973 by a group of investors that included Don Carano and other members of the Carano family.[5][6][7]
On July 28, 1995, the Eldorado opened the adjacent Silver Legacy Resort Casino in partnership with Circus Circus Enterprises.[8]
The Eldorado companies were reorganized in 1996 as Eldorado Resorts LLC in connection with a $100-million bond offering.[9][10]
In 2005, the company took over the bankrupt Hollywood Casino Shreveport in Louisiana, buying a 76 percent stake in the property for $154 million.[11] It was then rebranded as the Eldorado Casino Shreveport.[12]
In 2013, Eldorado agreed to combine with the publicly traded MTR Gaming Group in a reverse merger.[13][14] The merger would add three racinos in Ohio, Pennsylvania, and West Virginia to Eldorado's portfolio.[15] The transaction closed on September 19, 2014, creating Eldorado Resorts Inc. in its present form.[16] Eldorado's existing owners held 50.2 percent of the combined company, and Gary Carano was appointed as its chairman and CEO.[16]
In November 2015, Eldorado bought Circus Circus Reno and the 50% stake in the Silver Legacy that it did not already own from MGM Resorts International for $73 million.[17][18]
In May 2017, Eldorado acquired Isle of Capri Casinos for $1.7 billion in cash, stock, and assumed debt, adding twelve casinos to its holdings.[19]
In August 2018, Eldorado bought the Grand Victoria Casino in Illinois for $328 million.[20][21] Two months later, Eldorado acquired the operating business of Tropicana Entertainment for $640 million, adding seven casinos to its portfolio. Gaming and Leisure Properties simultaneously purchased the real estate of five of the casinos and leased them to Eldorado for a total of $88 million per year.[22][23][24] Additionally, Eldorado paid $246 million for the real estate underlying Tropicana's Lumière Place casino in Missouri.[22]
In early 2019, Eldorado sold Presque Isle Downs and the operations of Lady Luck Casino Nemacolin to Churchill Downs, Inc. for a total of $179 million.[25][26]
In March 2019, it was reported that Eldorado was discussing a merger with Caesars Entertainment.[27] On June 23, 2019, Caesars accepted Eldorado's offer to purchase the company for $18 billion in stock and cash.[28] Eldorado operated 26 assets compared to Caesars, which controlled 53.[29] Eldorado would change its name to Caesars Entertainment after the completion of the acquisition, and the companies' loyalty programs would be combined under the Caesars Rewards brand. Eldorado's key executives would be retained.[citation needed] The deal was expected to be completed in the middle of 2020.[30]
With the Caesars acquisition pending, Eldorado sold three properties (Lady Luck Casino Caruthersville, Mountaineer Casino Racetrack and Resort and Isle Casino Cape Girardeau) to Vici Properties and Century Casinos for a total of $385 million, with Vici acquiring the real estate assets and Century acquiring the operating businesses.[31] Eldorado also sold Lady Luck Casino Vicksburg and Isle of Capri Casino Kansas City to Twin River Worldwide Holdings for $230 million.[32] The deals were intended to reduce Eldorado's debt level and avert potential antitrust issues in Missouri, where Eldorado and Caesars together owned 6 of the state's 13 casinos.[33]
In April 2020, Eldorado agreed to sell Eldorado Shreveport and the MontBleu casino in Lake Tahoe to Twin River.[34][35][36]
On June 26, 2020, the Federal Trade Commission approved Eldorado's acquisition of Caesars.[37] The transaction was completed on July 20.[38]
In September 2020, the company agreed to acquire the sports betting company William Hill for $3.7 billion.[39][40] The deal was completed in April 2021.[41]
In Indiana, the company was required to sell three of its properties as a condition of approval of the Caesars merger. Tropicana Evansville was sold to Bally's Corporation (the former Twin River Worldwide Holdings) in June 2021.[42] A deal was reached to sell Caesars Southern Indiana to the Eastern Band of Cherokee Indians for $250 million.[43]In July 2021, Caesars Entertainment acquired the naming rights to the Louisiana Superdome in New Orleans, Louisiana, and it is now known as Caesars Superdome.
List of properties
The properties owned and operated by Caesars Entertainment are:
- Bally's Las Vegas — Paradise, Nevada
- Circus Circus Reno — Reno, Nevada
- The Cromwell — Paradise, Nevada
- Eldorado Gaming Scioto Downs — Columbus, Ohio
- Eldorado Reno — Reno, Nevada
- Flamingo Las Vegas — Paradise, Nevada
- Grand Victoria Casino Elgin — Elgin, Illinois
- Harrah's Hoosier Park — Anderson, Indiana
- Horseshoe Casino Baltimore — Baltimore, Maryland (50% interest)
- Indiana Grand — Shelbyville, Indiana
- Isle Casino Hotel Bettendorf — Bettendorf, Iowa
- Isle Casino Hotel Black Hawk — Black Hawk, Colorado
- Isle Casino Hotel Waterloo — Waterloo, Iowa
- Isle Casino Racing Pompano Park — Pompano Beach, Florida
- Isle of Capri Casino Hotel Boonville — Boonville, Missouri
- Isle of Capri Casino Hotel Lake Charles — Lake Charles, Louisiana
- Isle of Capri Casino Hotel Lula — Lula, Mississippi
- Lady Luck Casino Black Hawk — Black Hawk, Colorado
- The Linq — Paradise, Nevada
- London Clubs International (12 casinos in the United Kingdom, Egypt, and South Africa)
- Paris Las Vegas — Paradise, Nevada
- Planet Hollywood Las Vegas — Paradise, Nevada
- Silver Legacy Reno — Reno, Nevada
The following properties are operated by the company under a lease or a management agreement:
- Belle of Baton Rouge — Baton Rouge, Louisiana
- Caesars Atlantic City — Atlantic City, New Jersey
- Caesars Palace — Paradise, Nevada
- Caesars Southern Indiana — Elizabeth, Indiana
- Caesars Windsor — Windsor, Ontario
- Harrah's Ak-Chin — Maricopa, Arizona
- Harrah's Atlantic City — Atlantic City, New Jersey
- Harrah's Cherokee — Cherokee, North Carolina
- Harrah's Cherokee Valley River — Murphy, North Carolina
- Harrah's Council Bluffs – Council Bluffs, Iowa
- Harrah's Gulf Coast – Biloxi, Mississippi
- Harrah's Joliet – Joliet, Illinois
- Harrah's Lake Tahoe – Stateline, Nevada
- Harrah's Las Vegas – Paradise, Nevada
- Harrah's Laughlin — Laughlin, Nevada
- Harrah's Louisiana Downs – Bossier City, Louisiana
- Harrah's Metropolis – Metropolis, Illinois
- Harrah's New Orleans — New Orleans, Louisiana
- Harrah's North Kansas City – North Kansas City, Missouri
- Harrah's Philadelphia – Chester, Pennsylvania
- Harrah's Southern California — Valley Center, California
- Harveys Lake Tahoe – Stateline, Nevada
- Horseshoe Bossier City – Bossier City, Louisiana
- Horseshoe Council Bluffs – Council Bluffs, Iowa
- Horseshoe Hammond – Hammond, Indiana
- Horseshoe Tunica – Robinsonville, Mississippi
- Lumière Place — St. Louis, Missouri
- Rio All Suite Hotel and Casino — Paradise, Nevada
- Tropicana Atlantic City — Atlantic City, New Jersey
- Tropicana Laughlin — Laughlin, Nevada
- Trop Casino Greenville — Greenville, Mississippi
Eldorado Resorts
Former properties
Caesars Eldorado Resorts Latest News
- Bally's Atlantic City — Atlantic City, New Jersey
- Eldorado Shreveport — Shreveport, Louisiana[44]
- Isle Casino Cape Girardeau — Cape Girardeau, Missouri
- Isle of Capri Casino Kansas City — Kansas City, Missouri
- Lady Luck Casino Caruthersville — Caruthersville, Missouri
- Lady Luck Casino Vicksburg — Vicksburg, Mississippi
- Lady Luck Casino Nemacolin — Farmington, Pennsylvania
- MontBleu Casino Resort — Stateline, Nevada
- Mountaineer Casino Racetrack & Resort — Chester, West Virginia
- Presque Isle Downs & Casino — Summit Township, Pennsylvania
- Tropicana Evansville — Evansville, Indiana