Face of Nation : The casino operator Eldorado Resorts has agreed to merge with Caesars Entertainment in a $17.3 billion cash-and-stock deal, including debt, the companies said on Monday, in a bid to create the country’s largest casino operator.
Eldorado’s offer of $12.75 per share represents a premium of about 28 percent to Caesar’s closing price on Friday, and an equity valuation of about $8.54 billion.
Caesars, which emerged from bankruptcy in 2017, operates casinos with the Harrah’s and Horseshoe brands.
The company had 53 properties in 14 states and five countries outside the United States at the end of March, and its long-term debt stood at $8.79 billion.
The combined entity will keep the Caesars name, the companies said.
Eldorado has a market value of about $4 billion. It had long-term debt of about $3.06 billion at the end of March. The company owns and operates 26 properties in 12 states.
Eldorado and Caesars shareholders will hold about 51 percent and 49 percent, respectively, of the combined company’s outstanding shares.
