According to sources who asked not to be named because of the confidential nature of the matter, Caesars is providing limited financial information to Eldorado, which has begun due diligence on a potential merger of the two operators.
Eldorado has not made a binding offer yet, it has become known. Sources also said that there is no certainty that the ongoing discussions would result in a transaction.
Eldorado Resorts owns and operates 26 properties across 12 US states. Most recently, the company acquired fellow gaming and hospitality operator Tropicana Entertainment namely from Mr. Icahn’s Icahn Enterprises in a $1.85 billion deal. Tropicana runs casino properties in New Jersey, Indiana, Nevada, Louisiana, Mississippi, and Missouri.
Caesars currently owns more than 50 properties across 14 US states and five countries outside the United States. The company’s main operating unit emerged from a lengthy and complex bankruptcy in the fall of 2017, after failing to erase a $25 billion debt. As of December 2019, Caesars’ long-term debt stood at around $9 billion.
Source: GMB / Casino News Daily
