Eldorado completes merger with Caesars
The company formerly known as Eldorado Resorts announced Monday that it completed its acquisition of Caesars Entertainment Corp., creating the largest casino and entertainment company in the U.S.
Transactions will affect three of the casinos at Stateline, with Harveys and Harrah’s being taken over by the new company, Caesars Entertainment, while the MontBleu, which was owned by Eldorado, is sold to Maverick Gaming.
The $17.3 billion merger had its final approvals this month from Nevada, Indiana and New Jersey gaming officials.
Before the sale was finalized, Caesars invested $41 million in work on Harveys in several major capital projects, including the renovation of all 519 guest rooms in the resort’s Lake Tower. Harveys also debuted Gordon Ramsay Hell’s Kitchen Lake Tahoe, as well as a new casino bar and lounge experience opening in 2020.
The combined company owns and operates more than 55 casino properties worldwide, including an iconic portfolio of eight casino hotel properties on the Las Vegas Strip. Additionally, Caesars owns or operates casinos in 16 states across the U.S. including Nevada, Colorado, Missouri, Iowa, Florida, Mississippi, Louisiana, Ohio, Illinois, Indiana, New Jersey, Pennsylvania, Arizona, North Carolina, California and Maryland.
“We are pleased to have completed this transformative merger, thus making us the premier leader in gaming and hospitality,” said Tom Reeg, CEO of Caesars Entertainment. “We look forward to executing on the numerous opportunities ahead to create value for all stakeholders. Additionally, we are pleased to welcome all of our Team Members to the combined company, and we look forward to implementing all of the strategic initiatives that will position the company for continued growth.”
Combining Caesars and Eldorado will further solidify Caesars Rewards as the largest and most rewarding loyalty program in the industry with over 60 million members. This provides even more benefits to current and future Caesars Rewards members, offering more ways to play and earn reward credits and experiences. CEC is also known as a pioneer in the gaming industry for its longstanding commitment to corporate social responsibility. This includes an even greater emphasis on diversity and inclusion programs, and gender equity initiatives.