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Caesar's Entertainment / Harrah's sold to El Dorado
Posted on 6/24/19 at 9:58 am
Posted on 6/24/19 at 9:58 am
LINK
Wonder if this will have any impact on the land-based casino on Canal Street, which recently got a new license extension from the state in exchange for improvements and a new hotel. That location was owned by VICI in a strange off-balance-sheet arrangement that had the casino owned by one entity but managed by Harrah's. Looks like this deal buys those properties as well and ends that arrangement.
quote:
Eldorado Resorts is buying Caesars Entertainment for $17.3 billion, in a cash-and-stock deal that the companies say will create the largest gambling company in the U.S.
To acquire the venerable Caesars name and properties, Eldorado will part with $7.2 billion in cash and around 77 million in stock shares. It will also take on Caesars' outstanding debt. Its shareholders will wind up with 51 percent of the combined company.
The new casino giant will use the Caesars name. But all of its top leadership will come from Eldorado, from Chairman Gary Carano and CEO Tom Reeg to other top spots.
Wonder if this will have any impact on the land-based casino on Canal Street, which recently got a new license extension from the state in exchange for improvements and a new hotel. That location was owned by VICI in a strange off-balance-sheet arrangement that had the casino owned by one entity but managed by Harrah's. Looks like this deal buys those properties as well and ends that arrangement.
4
Posted on 6/24/19 at 10:00 am to LSUFanHouston
Posted on 6/24/19 at 10:29 am to LSUFanHouston
quote:
Harrah's sold to El Dorado
Interesting for the Shreveport/Bossier scene. Will they rebrand, close one down, or link them as one with something like Ceasar's West and Ceasar's East?
Posted on 6/24/19 at 10:30 am to LSUFanHouston
quote:
$7.2 billion in cash
Can't believe it's this cheap. Maybe it's a stock heavy deal with the 77 million shares.
Posted on 6/24/19 at 10:41 am to TheHarahanian
quote:
Can't believe it's this cheap. Maybe it's a stock heavy deal with the 77 million shares.
They are listing total value at 17.3 billion. 77 million shares are currently trading at 46.30 which is about 3.565 billion. They are also taking over the debt, so I'm guessing that's around 6.5 billion.
I know Caesars had a lot of debt, that's one of the reasons they offloaded a few properties a couple of years ago into that off-sheet entity.
Posted on 6/24/19 at 11:00 am to LSUFanHouston
quote:
That location was owned by VICI in a strange off-balance-sheet arrangement that had the casino owned by one entity but managed by Harrah's.
Ton's of companies do this for a variety of reasons. It's not unusual or strange in retail/commercial operations.
Posted on 6/24/19 at 11:15 am to stout
quote:
Ton's of companies do this for a variety of reasons. It's not unusual or strange in retail/commercial operations.
Right. It's "strange" in that it's not something the average layman would understand. I do agree it can be common-place, but probably not common-known among people not in the business.
I know this arrangement is big in the dollar store industry.
Posted on 6/24/19 at 6:09 pm to Clyde Tipton
quote:
Interesting for the Shreveport/Bossier scene. Will they rebrand, close one down, or link them as one with something like Ceasar's West and Ceasar's East?
They’ll own 3 of the 7 casinos in this market- I hope they can do something to pump some life into The Downs. I haven’t been in a few years, but I that place could use a cash infusion.
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