Eldorado Apparently Might Sell Some of Caesars Entertainment Venues
Eldorado Resorts could be offloading some of Caesar’s entertainment assets based in Las Vegas. The two firms announced in June last that Reno-based Eldorado will be taking over its biggest rival Caesars. This is in a deal that will create the biggest US casino operative. Following their marriage announcement, Eldorado’s CEO, Tom Reeg, said that executives at the two firms were actively assessing options to secure over $500 million in cost savings from the contract. Mr. Reeg is ready to take the reins of the joint entity.
Eldorado might as well be considering to sell entertainment assets that are currently owned by Caesars. This includes the Colosseum at Caesars Palace. It also emerged that Las Vegas Sands is rotating its rival operative to acquire Caesars Forum. The $300 million, a 550,000-square-foot conference center that is ready to open its doors this spring.
Since announcing their joint, Eldorado and Caesars have properties in many states. This was to secure controlling clearance and money to finance any future growth plans. Most conspicuously, Caesars divested its Rio All-Suite Hotel and Casino property that is located off the Strip last fall.
Deal Goes Well in Mississippi
Distinctly, it also became known that the mega-merger received approval from the Mississippi Gaming Commission. The commission became the newest of numerous regulators from dissimilar states to bless the high-profile union over the past two months.
Eldorado has sold its Lady Luck Casino in Vicksburg, and Mississippi was sold to Twin River Worldwide Holdings in the last summer. That carried numerous Mississippi-based betting venues ran by the Reno-based company to two. Caesars, as well, has two casinos in the Magnolia State –Harrah’s Gulf Coast and Horseshoe Tunica. Earlier in February, the Iowa Racing and Gaming Commission provided the permission to the multi-billion contracts. It should also be noted that Missouri regulators also gave the green light to the contract late last year.
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