It was always going to be a matter of time before a buyer stepped forward and put in a firm offer to buy the Caesars Entertainment group of companies. However, due to the price tag shareholders in that group were demanding, it certainly has taken some time for them to be offered a deal they are prepared to accept.
Well, that day has arrived finally, for Eldorado Resorts have stepped out of the shadows and have bid a whopping $17.3billion for Caesars, and that bid has been accepted, and as such the casinos once owned by Caesars Entertainment will soon have new owners.
It has long been known that Caesars Entertainment have been struggling, in fact they only emerged from bankruptcy back in 2017, and whilst many people feared the company’s financial woes would get the better of them, the company has put itself back on a firm grounding.
With 34 land based casinos, with the most famous of them being Caesar’s Palace on the Las Vegas Strip, many other casino operators were eager to purchase them, either in part or in full, but thanks to the deal offered by Eldorado Resorts which is made up of $8.5bn in cash and the remainder in shares, and as they will be taking on and managing the huge debts Caesars still have, it does look like those casinos now have a solid and firm future.
Carl Icahn has an impressive 14.75% stake in Caesars and had been urging and has been quite vocal in the past for the company to find a suitable buyer, and the deal with Eldorado Resorts was one that he was eager to see accepted and finalised.
In the short-term no major changes are planned to the casinos that Caesars Entertainment have now sold, however over the long term there are sure to be some major changes to the way those casinos are run and operated, to make them financially viable over the long term.
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