by Donald Wood
Last updated: 9:21 AM ET, Mon June 24, 2019
The hotel industry received major news Monday morning when Eldorado Resorts announced plans to purchase Caesars in a deal worth an estimated $17.3 billion.
According to The Associated Press, the acquisition will put about 60 casinos and resorts across 16 states under a single name, making the deal one of the biggest gambling and entertainment ventures in the United States.
"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," Eldorado CEO Tom Reeg said in a statement.
The new consolidated company will keep the Caesars name and will be run by Reeg and Eldorado Chairman Gary Carano. The brand will be based out of Reno, Nevada, with a continued presence in Las Vegas.
Caesars has struggled since it emerged from bankruptcy protection in late 2017, but the hope is the new leadership will help turn the brand around. The deal is expected to close in the first half of next year if approved by gaming regulators and shareholders.
Shareholders of Eldorado Resorts Inc. will hold about 51 percent of the company's current stock, with Caesars Entertainment Corp. shareholders holding the remaining 49 percent.
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