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Eldorado To Buy Caesars For $17.3B; VICI Gets 3 Properties From Eldorado

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Eldorado To Buy Caesars For $17.3B; VICI Gets 3 Properties From Eldorado

Eldorado Resorts (NASDAQ: ERI) will acquire Caesars Entertainment (NASDAQ: CZR) in a cash-and-stock transaction of $17.3 billion. Caesars is one of the world's largest gambling companies and has had a number of offers, including Golden Nugget, Tilman Fertitta's casino company and Boyd Gaming Corp.

Carl Icahn, who owns a 9.8% stake in Caesars , has commented he is "pleased" Eldorado will merge with Caesars. Back in January, Icahn pushed for Caesars to consider strategic alternatives.

Separately, VICI Properties (NYSE: VICI) announced it will acquire the land of three casino properties from Eldorado Resorts for $3.2 billion.

VICI Properties confirmed it will acquire all of the land and real estate assets associated with Harrah’s New Orleans, Harrah’s Laughlin and Harrah’s Atlantic City.

Caesars traded higher by 12.% to $11.20 in Monday's pre-market session. Eldorado Resorts shares fell 6% to $48.10.

Related Links:

5 Stocks To Watch For June 24, 2019

VICI Properties Reports Purchase Of JACK Cincinnati Casino For $745M

 

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