Shareholders of both companies approved the combination last Friday.
Eldorado will pay $7.2B in cash and dole out 77M shares of stock to acquire 51% of Caesars. Eldorado also swallows up Caesars’ existing debt.
The new Caesars-named company, which will have 60 casino properties with 51K hotel rooms, will be the largest casino player in the world based off gaming assets.
The Caesars-Eldorado deal arrives with MGM Resorts (MGM +1.2%) in an asset-shedding mode.
Source: Press Release