The Federal Trade Commission accepted the plan June 26, after Eldorado agreed to satisfy antitrust concerns by selling properties in Kansas City, Missouri South Lake Tahoe, California and Shreveport, Louisiana. gambling operations.Īpproval in New Jersey was the final hurdle. Reeg will head what officials have termed “new Caesars,' and he emphasized the company’s focus on U.S. Eldorado will own 56% of the merged company, which will continue operations and stock trading under the name Caesars Entertainment Inc.Įldorado stock traded at $39.01 on Friday, and Caesars Entertainment was at $12.39. Icahn acquired a large block of Caesars shares after that company emerged from bankruptcy protection in late 2017 and pushed for the sale.Įldorado plans to buy Caesars stock at $12.30 per share, using $8.70 in cash and the remainder in Eldorado shares, Reeg told Nevada regulators. The buyout also affects Caesars properties in the United Kingdom, Egypt, Canada and a golf course in the Chinese gambling enclave of Macau.īillionaire investor Carl Icahn will be the largest single shareholder, with more than 10% of the combined company, Eldorado CEO Thomas Reeg said this week. Fire burns at abandoned Northeast Philly warehouse
