US gaming and entertainment giant Eldorado Resorts has acquired similarly colossal Caesar’s Entertainment Corp. to create the largest casino and entertainment company in the US.
The combined company – which will keep the Caesars name (replacing Corp. with Inc.) – owns and operates more than 55 casino properties worldwide, including a portfolio of eight top casino hotel properties on the Las Vegas Strip.
Additionally, Caesars owns or operates casinos in 16 states across the US including Nevada, Colorado, Missouri, Iowa, Florida, Mississippi, Louisiana, Ohio, Illinois, Indiana, New Jersey, Pennsylvania, Arizona, North Carolina, California and Maryland.
Caesars Entertainment’s resorts will operate primarily under the Caesars, Harrah’s, Horseshoe and Eldorado brand names.
The “transformative” merger, which was first discussed last year and was reported to be worth $17.3 billion, positions Caesars for continued growth, says Caesars Entertainment CEO Tom Reeg.
Combining CEC and Eldorado will further provide more benefits to over 60-million Caesars Rewards members – the largest loyalty program in the industry.
GREAT CAESARS GHOST
The history of Caesars Entertainment, dating to its beginnings in Reno, Nevada in 1937 is one of one continual change, including owners (including Hilton, Harrah’s and Holiday Inn), flip-flopping names, a bankruptcy, and assorted Inc’s and Corp’s. The constant has been the value of the Caesars brand name, which is now synonymous with casino entertainment in the US, especially Las Vegas.
It’s not surprising then that Eldorado (not to be confused with Karisma Hotels’ El Dorado all-inclusive resorts), which itself was founded in Reno (in 1973) and operated 26 casinos under names like Eldorado, Isle of Capri and Lady Luck, chose to keep the famous Caesars name.
Major rivals to Caesars include Wynn, Las Vegas Sands and MGM Resorts, the latter two ranking larger the Caesars globally, but not in the US.
Source: Travel Industry Today
JACKPOT:El Dorado, Caesars form largest US casino company