Eldorado Resorts Las Vegas
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Ethan Miller/Getty Images for Vegas Uncork'd. Eldorado Resorts is buying Caesars Entertainment for $17.3 billion, in a cash-and-stock deal that the companies say will create the largest gambling. Jul 20, 2020 Eldorado Resorts and Caesars Entertainment Complete Merger. Transaction creates largest casino and entertainment company in the U.S. And LAS VEGAS, July 20, 2020 /PRNewswire/ - Caesars. Eldorado Resorts has operated in Las Vegas since 1959. Eldo-Dorados has been operating in the Las Vegas area since the 1970s. Smith said the company has made substantial investments in hotels and resorts around the world. The hotel and resort business has a total operating loss of more than $1 billion since 2014, according to the company. The Grandview at Las Vegas Resort affords you and your family the ultimate in entertainment. Situated less than six miles from the famed Las Vegas Strip, the resort features spacious one-and two-bedroom floor plans and offers easy access to the glitz and glamour of Las Vegas. Eldorado Resorts and Caesars Entertainment Complete Merger. Transaction creates largest casino and entertainment company in the U.S. Reno and Las Vegas, NV (July 20, 2020) - Caesars Entertainment, Inc. (“Caesars,” “Caesars Entertainment”, or the “Company”, formerly known as Eldorado Resorts, Inc. Or “Eldorado”) announced today.
- Eldorado Resorts Las Vegas Nv
- Eldorado Resorts Corporation Las Vegas Nv 89183
- Eldorado Resorts Las Vegas
| Formerly | Eldorado Resorts, Inc. (1996–2020) |
|---|---|
| Type | Public |
| |
| Industry | Gaming & hospitality |
| Founded | 1996; 25 years ago (1996) |
| Headquarters | Reno, Nevada, U.S. |
| Gary Carano (Executive Chairman) Thomas Reeg (CEO) Anthony Carano (President and COO) | |
| Products | |
| Brands | Caesars 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) |
| Owner | Carano family (11%) Others (89%)[2] |
Number of employees | 54,000[3] (2020) |
| Divisions | |
| Website | caesars.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
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] On June 23, 2019, Caesars accepted Eldorado's offer to purchase the company 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]
Eldorado Resorts Las Vegas Nv
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 September 2020, the company agreed to acquire the sports betting company William Hill for $3.7 billion.[39][40] The deal was completed in April 2021.[41]
In Indiana, the company was required to sell three of its properties as a condition of approval of the Caesars merger. Tropicana Evansville was sold to Bally's Corporation (the former Twin River Worldwide Holdings) in June 2021.[42] A deal was reached to sell Caesars Southern Indiana to the Eastern Band of Cherokee Indians for $250 million.[43]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.
Eldorado Resorts Corporation Las Vegas Nv 89183
List of properties
The properties owned and operated by Caesars Entertainment are:
- Bally's Las Vegas — Paradise, Nevada
- Circus Circus Reno — Reno, Nevada
- The Cromwell — Paradise, Nevada
- Eldorado Gaming Scioto Downs — Columbus, Ohio
- Eldorado Reno — Reno, Nevada
- Flamingo Las Vegas — Paradise, Nevada
- Grand Victoria Casino Elgin — Elgin, Illinois
- Harrah's Hoosier Park — Anderson, Indiana
- Horseshoe Casino Baltimore — Baltimore, Maryland (50% interest)
- Indiana Grand — Shelbyville, Indiana
- Isle Casino Hotel Bettendorf — Bettendorf, Iowa
- Isle Casino Hotel Black Hawk — Black Hawk, Colorado
- Isle Casino Hotel Waterloo — Waterloo, Iowa
- Isle Casino Racing Pompano Park — Pompano Beach, Florida
- Isle of Capri Casino Hotel Boonville — Boonville, Missouri
- Isle of Capri Casino Hotel Lake Charles — Lake Charles, Louisiana
- Isle of Capri Casino Hotel Lula — Lula, Mississippi
- Lady Luck Casino Black Hawk — Black Hawk, Colorado
- The Linq — Paradise, Nevada
- London Clubs International (12 casinos in the United Kingdom, Egypt, and South Africa)
- Paris Las Vegas — Paradise, Nevada
- Planet Hollywood Las Vegas — Paradise, Nevada
- Silver Legacy Reno — Reno, Nevada
The following properties are operated by the company under a lease or a management agreement:
- Belle of Baton Rouge — Baton Rouge, Louisiana
- Caesars Atlantic City — Atlantic City, New Jersey
- Caesars Palace — Paradise, Nevada
- Caesars Southern Indiana — Elizabeth, Indiana
- Caesars Windsor — Windsor, Ontario
- Harrah's Ak-Chin — Maricopa, Arizona
- Harrah's Atlantic City — Atlantic City, New Jersey
- Harrah's Cherokee — Cherokee, North Carolina
- Harrah's Cherokee Valley River — Murphy, North Carolina
- Harrah's Council Bluffs – Council Bluffs, Iowa
- Harrah's Gulf Coast – Biloxi, Mississippi
- Harrah's Joliet – Joliet, Illinois
- Harrah's Lake Tahoe – Stateline, Nevada
- Harrah's Las Vegas – Paradise, Nevada
- Harrah's Laughlin — Laughlin, Nevada
- Harrah's Louisiana Downs – Bossier City, Louisiana
- Harrah's Metropolis – Metropolis, Illinois
- Harrah's New Orleans — New Orleans, Louisiana
- Harrah's North Kansas City – North Kansas City, Missouri
- Harrah's Philadelphia – Chester, Pennsylvania
- Harrah's Southern California — Valley Center, California
- Harveys Lake Tahoe – Stateline, Nevada
- Horseshoe Bossier City – Bossier City, Louisiana
- Horseshoe Council Bluffs – Council Bluffs, Iowa
- Horseshoe Hammond – Hammond, Indiana
- Horseshoe Tunica – Robinsonville, Mississippi
- Lumière Place — St. Louis, Missouri
- Rio All Suite Hotel and Casino — Paradise, Nevada
- Tropicana Atlantic City — Atlantic City, New Jersey
- Tropicana Laughlin — Laughlin, Nevada
- Trop Casino Greenville — Greenville, Mississippi
Former properties
Eldorado Resorts Las Vegas
- Bally's Atlantic City — Atlantic City, New Jersey
- Eldorado Shreveport — Shreveport, Louisiana[44]
- Isle Casino Cape Girardeau — Cape Girardeau, Missouri
- Isle of Capri Casino Kansas City — Kansas City, Missouri
- Lady Luck Casino Caruthersville — Caruthersville, Missouri
- Lady Luck Casino Vicksburg — Vicksburg, Mississippi
- Lady Luck Casino Nemacolin — Farmington, Pennsylvania
- MontBleu Casino Resort — Stateline, Nevada
- Mountaineer Casino Racetrack & Resort — Chester, West Virginia
- Presque Isle Downs & Casino — Summit Township, Pennsylvania
- Tropicana Evansville — Evansville, Indiana