You can’t keep big news like this quiet for long. Caesars is already talking with Eldorado Resorts Inc. for a possible merger. No, it’s not a done deal just yet, but something big is brewing between the Reno-based casino entertainment company and gaming giant Caesars Entertainment Corp.
Eldorado Resorts Inc. is not an obscure name given that it operates in twelve US states and holds 26 properties. Caesars Entertainment Corp for its part manages 50 casinos and hotels from Paradise, Nevada.
When Carl Icahn recently upped his stakes in the Las Vegas mega casino, pundits were all a twitter about his desire to sell. As the largest investor at 17.75%, he certainly has a say in the matter. Having three new directors on his side will make his wish come true.
Things are pretty far along with the two companies and Caesars has already shared financial reports, including losses, with Eldorado for assessment. Will it matter that Caesars just hurdled the risks of bankruptcy in 2018? A bidding offer is waiting in the wings nonetheless.
If Icahn’s opinion is of importance, the merger will benefit investors. Nothing is official, however, but the wheels are in motion and reporters are standing by.
A version of this article first appeared at casino.buzz