Stockholders at Eldorado Resorts and Caesars Entertainment Corp. voted to approve Eldorado’s acquisition of Caesars. The transaction, expected to be consummated in the first half of 2020, is still subject to regulatory approval and other closing conditions.
News of the $17.3 billion acquisition broke earlier this year in June. At the time, the boards of directors for both companies had already unanimously approved the deal.
As previously reported by Hotel Management, when the deal goes through, the combined company will comprise approximately 60 casino-resorts and gaming facilities in the United States. Eldorado predicted, based on data from March 31, 2019, the combined company’s earnings before interest, taxes, depreciation, amortization and restructuring or rent costs will reach $3.6 billion.
Though the combined company will keep the Caesars name, Eldorado will maintain control, with its Chairman Gary Carano, CEO Tom Reeg, COO, CFO and CLO all staying in their current roles. The combined company’s board of directors will consist of 11 members, six from Eldorado’s board of directors and five from Caesars’ board of directors.
“Eldorado’s combination with Caesars will create the largest owner and operator of U.S. gaming assets and is a strategically, financially and operationally compelling opportunity that brings immediate and long-term value to stakeholders of both companies," Reeg said in a statement in June. "Together, we will have an extremely powerful suite of iconic gaming and entertainment brands, as well as valuable strategic alliances with industry leaders in sports betting and online gaming. The combined entity will serve customers in essentially every major U.S. gaming market and will marry best-of-breed practices from both entities to ensure high levels of customer satisfaction and significant shareholder returns."