Caesars Entertainment (2020)

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
Caesars Entertainment, Inc.
FormerlyEldorado Resorts, Inc. (1996–2020)
TypePublic
IndustryGaming & hospitality
Founded1996; 25 years ago (1996)
HeadquartersReno, Nevada, U.S.
Key people
Gary Carano
(Executive Chairman)
Thomas Reeg
(CEO)
Anthony Carano
(President and COO)
Products
BrandsCaesars
Eldorado
Harrah's
Horseshoe
Tropicana
William Hill
Revenue$3.5 billion[1] (2020)
$−1.8 billion[1] (2020)
Total assets$36.4 billion[1] (2020)
Total equity$5.0 billion[1] (2020)
OwnerCarano family (11%)
Others (89%)[2]
Number of employees
54,000[3] (2020)
Divisions
Websitecaesars.com

Caesars Entertainment, Inc., formerly Eldorado Resorts, Inc., is an American hotel and casino entertainment company founded and based in Reno, Nevada that operates more than 50 properties.[4] Eldorado Resorts acquired Caesars Entertainment Corporation and changed its own name to Caesars Entertainment on July 20, 2020.

History[edit]

Eldorado Resorts logo (2014–2020)

The company traces its history back to the development of the Eldorado Hotel in Reno, which was opened on May 24, 1973, by a group of investors that included Don Carano and other members of the Carano family.[5][6][7]

On July 28, 1995, the Eldorado opened the adjacent Silver Legacy Resort Casino in partnership with Circus Circus Enterprises.[8]

The Eldorado companies were reorganized in 1996 as Eldorado Resorts LLC in connection with a $100-million bond offering.[9][10]

In 2005, the company took over the bankrupt Hollywood Casino Shreveport in Louisiana, buying a 76 percent stake in the property for $154 million.[11] It was then rebranded as the Eldorado Casino Shreveport.[12]

In 2013, Eldorado agreed to combine with the publicly traded MTR Gaming Group in a reverse merger.[13][14] The merger would add three racinos in Ohio, Pennsylvania, and West Virginia to Eldorado's portfolio.[15] The transaction closed on September 19, 2014, creating Eldorado Resorts Inc. in its present form.[16] Eldorado's existing owners held 50.2 percent of the combined company, and Gary Carano was appointed as its chairman and CEO.[16]

In November 2015, Eldorado bought Circus Circus Reno and the 50% stake in the Silver Legacy that it did not already own from MGM Resorts International for $73 million.[17][18]

In May 2017, Eldorado acquired Isle of Capri Casinos for $1.7 billion in cash, stock, and assumed debt, adding twelve casinos to its holdings.[19]

In August 2018, Eldorado bought the Grand Victoria Casino in Illinois for $328 million.[20][21] Two months later, Eldorado acquired the operating business of Tropicana Entertainment for $640 million, adding seven casinos to its portfolio. Gaming and Leisure Properties simultaneously purchased the real estate of five of the casinos and leased them to Eldorado for a total of $88 million per year.[22][23][24] Additionally, Eldorado paid $246 million for the real estate underlying Tropicana's Lumière Place casino in Missouri.[22]

In early 2019, Eldorado sold Presque Isle Downs and the operations of Lady Luck Casino Nemacolin to Churchill Downs, Inc. for a total of $179 million.[25][26]

In March 2019, it was reported that Eldorado was discussing a merger with Caesars Entertainment.[27] In June 2019, Caesars accepted Eldorado's offer to purchase Caesars for $18 billion in stock and cash.[28] Eldorado operated 26 assets compared to Caesars, which controlled 53.[29] Eldorado would change its name to Caesars Entertainment after the completion of the acquisition, and the companies' loyalty programs would be combined under the Caesars Rewards brand. Eldorado's key executives would be retained.[citation needed] The deal was expected to be completed in the middle of 2020.[30]

With the Caesars acquisition pending, Eldorado sold three properties (Lady Luck Casino Caruthersville, Mountaineer Casino Racetrack and Resort and Isle Casino Cape Girardeau) to Vici Properties and Century Casinos for a total of $385 million, with Vici acquiring the real estate assets and Century acquiring the operating businesses.[31] Eldorado also sold Lady Luck Casino Vicksburg and Isle of Capri Casino Kansas City to Twin River Worldwide Holdings for $230 million.[32] The deals were intended to reduce Eldorado's debt level and avert potential antitrust issues in Missouri, where Eldorado and Caesars together owned 6 of the state's 13 casinos.[33]

In April 2020, Eldorado agreed to sell Eldorado Shreveport and the MontBleu casino in Lake Tahoe to Twin River.[34][35][36]

On June 26, 2020, the Federal Trade Commission approved Eldorado's acquisition of Caesars.[37] The transaction was completed on July 20.[38]

In April 2021, the company acquired the sports betting company William Hill for $3.7 billion.[39][40] Most of William Hill's offerings in the U.S. would be rebranded as Caesars Sportsbook.[41] In September 2021, Caesars agreed to sell William Hill's European business to 888 Holdings for $3 billion.[42]

In Indiana, the company was required to sell three of its properties as a condition of approval of the Caesars merger. In 2021, the operating businesses of Tropicana Evansville and Caesars Southern Indiana were sold to Bally's Corporation (the former Twin River Worldwide Holdings) and the Eastern Band of Cherokee Indians, respectively, for a total of $390 million.[43][44]

In July 2021, Caesars Entertainment acquired the naming rights to the Louisiana Superdome in New Orleans, Louisiana, and it is now known as Caesars Superdome.

List of properties[edit]

The properties owned and operated by Caesars Entertainment are:

The following properties are operated by the company under a lease or a management agreement:

Former properties[edit]

References[edit]

  1. ^ a b c d Form 10-K: Annual Report (Report). Eldorado Resorts. March 1, 2021. pp. 75–77 – via EDGAR.
  2. ^ Form 14A: Proxy Statement (Report). Eldorado Resorts. May 19, 2020. p. 12 – via EDGAR.
  3. ^ Form 10-K: Annual Report (Report). Eldorado Resorts. March 1, 2021. p. 10 – via EDGAR.
  4. ^ "Properties". Eldorado Resorts. Retrieved 2018-10-11.
  5. ^ Form 10-K: Annual Report (Report). Eldorado Resorts. March 1, 2019. p. 1 – via EDGAR.
  6. ^ "Eldorado Hotel granted license". Nevada State Journal. UPI. May 25, 1973 – via Newspapers.com.
  7. ^ "Planned for downtown location: $6.2 million Reno luxury hotel complex". Reno Evening Gazette. July 17, 1972 – via Newspapers.com.
  8. ^ Don Cox (July 28, 1995). "It's Legacy's big day". Reno Gazette-Journal – via Newspapers.com.
  9. ^ Form S-4: Registration of Securities (Report). Eldorado Resorts LLC. September 12, 1996. p. 4 – via EDGAR.
  10. ^ John Stearns (August 21, 1996). "Eldorado raises $100M". Reno Gazette-Journal – via Newspapers.com.
  11. ^ John Hill (July 20, 2005). "Eldorado resorts takes over Hollywood casino". The News-Star. Monroe, LA – via Newspapers.com.
  12. ^ Cristina Rodriguez (October 26, 2005). "Eldorado Casino Shreveport shuts to begin changeover". Reno Gazette-Journal – via Newspapers.com.
  13. ^ "MTR Gaming, Eldorado Resorts agree to merge". Las Vegas Review-Journal. AP. September 9, 2013. Retrieved 2019-03-18.
  14. ^ Form 424B3: Prospectus (Report). MTR Gaming Group. June 16, 2014. p. 155 – via EDGAR.
  15. ^ Thomas Ott (September 11, 2013). "Presque Isle owner, hurt by casinos in Ohio, OKs merger". The Plain Dealer. Cleveland, OH – via NewsBank.
  16. ^ a b John Guerriero (September 20, 2014). "MTR Gaming merger with Eldorado now official". Erie Times-News. Retrieved 2014-11-27.
  17. ^ Stutz, Howard (November 24, 2015). "Eldorado completes $72.5M purchase of MGM's Reno properties". Las Vegas Review-Journal. Retrieved November 24, 2015.
  18. ^ Higdon, Mike (November 24, 2015). "It's official: Eldorado Resorts buys Circus Circus and Silver Legacy". Reno Gazette-Journal. Retrieved November 24, 2015.
  19. ^ Diana Barr (May 2, 2017). "Eldorado completes Isle of Capri buyout, names Alberici exec to board". St. Louis Business Journal. Retrieved 2018-04-23.
  20. ^ Corilyn Shropshire (April 16, 2018). "Elgin's Grand Victoria Casino to sell for $327.5 million". Chicago Tribune. Retrieved 2018-04-23.
  21. ^ "Eldorado Resorts completes acquisition of Grand Victoria Casino" (Press release). Eldorado Resorts. August 7, 2018. Retrieved 2018-08-07 – via Business Wire.
  22. ^ a b "Eldorado Resorts completes Tropicana Entertainment acquisition" (Press release). Eldorado Resorts. October 1, 2018. Retrieved 2018-10-11 – via BusinessWire.
  23. ^ "Gaming and Leisure Properties, Inc. completes previously announced acquisition of the real estate assets of Tropicana Entertainment" (Press release). Gaming and Leisure Properties. October 1, 2018. Retrieved 2018-10-11.
  24. ^ Sam Karlin (October 5, 2018). "Belle of Baton Rouge changes hands for $18 million as part of Tropicana acquisition". The Advocate. Baton Rouge, LA. Retrieved 2018-10-11.
  25. ^ "Churchill Downs completes purchase of Presque Isle Downs & Casino". Erie Times-News. January 12, 2019. Retrieved 2019-01-12.
  26. ^ Billy Kobin (March 9, 2019). "Churchill Downs buys Lady Luck Casino Nemacolin in Pennsylvania". The Courier-Journal. Louisville, KY. Retrieved 2019-03-11.
  27. ^ Roumeliotis, Greg (Mar 17, 2019). "EXCLUSIVE-Eldorado Resorts, Caesars explore merger". CNBC. Retrieved March 18, 2019.
  28. ^ Roumeliotis, Greg (June 23, 2019). "Eldorado Resorts clinches $18 billion cash and stock deal for Caesars: sources". Reuters. Retrieved June 23, 2019.
  29. ^ Hidalgo, Jason (June 23, 2019). "Report: Eldorado Resorts merging with Caesars in $18 billion deal". Reno Gazette-Journal. Retrieved June 23, 2019.
  30. ^ "Stockholders Approve Eldorado's Acquisition of Caesars". www.ktvn.com. Retrieved 16 November 2019.
  31. ^ Bailey Schulz (December 6, 2019). "Eldorado Resorts closes 3 property sales for $385M". Las Vegas Review-Journal. Retrieved 2019-12-08.
  32. ^ Bailey Schulz (July 2, 2020). "Eldorado sells 2 properties ahead of Caesars merger". Las Vegas Review-Journal. Retrieved 2020-07-02.
  33. ^ Brendan Crowley (November 18, 2019). "IOC says no changes expected in Boonville after owner buys Caesars". Boonville Daily News. Retrieved 2019-12-08.
  34. ^ Adelman, Jacob. "Bally's in Atlantic City to be acquired by Rhode Island-based gaming group Twin River". inquirer.com. Retrieved 2020-11-23.
  35. ^ Staff. "Eldorado Resorts selling MontBleu casino at Stateline". kolotv.com. Retrieved 2020-11-23.
  36. ^ Northern Nevada Business Weekly. "Eldorado Resorts to sell Tahoe's MontBleu, Louisiana casino for $155 million". nevadaappeal.com. Retrieved 2020-11-23.
  37. ^ "Federal Trade Commission clears Eldorado, Caesars deal". Las Vegas Review-Journal. 2020-06-26. Retrieved 2020-11-23.
  38. ^ Katherine Sayre (July 20, 2020). "Caesars and Eldorado close $8.58 billion merger". Wall Street Journal. Retrieved 2020-10-03.
  39. ^ Tanishaa Nadkar (September 30, 2020). "Caesars to buy William Hill for $3.7 billion in sports-betting drive". Reuters. Retrieved 2020-09-30.
  40. ^ "Caesars Entertainment announces completion of William Hill PLC acquisition" (Press release). 2021-04-22 – via MarketWatch.
  41. ^ Colton Lochhead (August 2, 2021). "Caesars Entertainment reveals sports betting rebranding move". Las Vegas Review-Journal. Retrieved 2021-09-25.
  42. ^ Colton Lochhead (September 9, 2021). "Caesars selling William Hill non-U.S. assets in $3B deal". Las Vegas Review-Journal. Retrieved 2021-09-25.
  43. ^ "Bally's Corporation completes acquisition of Tropicana Evansville casino" (Press release). Bally's Corporation. June 4, 2021. Retrieved 2021-06-06.
  44. ^ Ben Tobin (September 3, 2021). "Caesars Southern Indiana casino officially under new ownership after closing of $250M deal". The Courier-Journal. Louisville, KY. Retrieved September 3, 2021.
  45. ^ "Shreveport's Eldorado Resort Casino gets new owners". KSLA-TV. December 23, 2020. Retrieved 2020-12-23.
  46. ^ "Caesars Entertainment and Vici Properties complete sale of Harrah's Louisiana Downs" (Press release). Caesars Entertainment. November 1, 2021. Retrieved 2021-11-03 – via PR Newswire.

External links[edit]