Eldorado buys Caesars in casino merger
Casino operator Eldorado Resorts takes over its ailing industry colleague Caesars Entertainment. Eldorado, including debts, pays about $ 17.3 billion for that.
Caesars has been struggling since the company was acquired in 2008 by investors Apollo Global Management and TPG. They saddled the company, known from Caesars Palace in Las Vegas, with a big debt. Two years ago the company tried to clean up a ship via a moratorium. Major shareholder Carl Icahn has since been Caesars behind the rags to put himself for sale. He supports the takeover bid from Eldorado.
Eldorado started in 1973 with one casino in Reno but has grown rapidly in recent years to a company with a market value of 4 billion dollars. Eldorado and Caesars expect to be able to realize savings of around $ 500 million after the acquisition.