|Bid||11.68 x 27000|
|Ask||11.68 x 42300|
|Day's Range||11.58 - 11.73|
|52 Week Range||5.84 - 11.90|
|Beta (3Y Monthly)||2.11|
|PE Ratio (TTM)||66.02|
|Earnings Date||Jul 30, 2019 - Aug 5, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||11.16|
(Bloomberg) -- Eldorado Resorts Inc. found a surprising source of funds when it needed cash to finance its $17.3 billion acquisition of Caesars Entertainment Corp.: its landlord.Vici Properties Inc., a real estate investment trust spun off to Caesars’ creditors almost two years ago, played a key role in financing the deal. The company, which already owns 21 Caesars casinos, agreed to provide $1.4 billion -- in exchange for $98.5 million a year in higher rent payments. It’s also buying three more properties for $1.8 billion, a conventional role for REITs in such a deal. Over the past five years, Eldorado has used creative deals like this to transform itself from a small regional player. The transaction announced Monday catapults the little-known company into the big leagues of gambling, giving the Reno, Nevada-based operator banner properties such as Caesars Palace, Harrah’s and Bally’s.“If you look at past acquisitions, we have found assets that others were not utilizing or really placing much value on and created value from them,” Tom Reeg, an Eldorado veteran who became chief executive officer in January, said Monday on a call.Sports-Betting DealLast year, for example, the company cut a deal with U.K. bookmaker William Hill Plc to bring sports betting to its casinos. The accord gave Eldorado $50 million in William Hill stock, a 20% stake in the company’s U.S. operation and a share of the profit from sports betting.The $3.2 billion Vici is providing adds up to almost half of the $7.2 billion in cash Eldorado intends to pay Caesars shareholders when the deal closes next year.A Vici spokesman declined to comment, citing an offering the company is making in association with the transaction. On Tuesday, the company priced 100 million common shares at $21.50 each to help finance the deal.Vici’s leases, which are subject to annual increases of about 2%, last 15 years, according to company filings. There are options for extensions that can stretch out to 35 years.Reeg seemed pleased with himself on the call.“I’d also point to what we did with Vici and this transaction,” he said. “You should expect us to be looking for opportunity to create value from all of the levers that we can pull in an organization of this size.”To contact the reporter on this story: Christopher Palmeri in Los Angeles at firstname.lastname@example.orgTo contact the editors responsible for this story: Nick Turner at email@example.com, Rob GolumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
BALA CYNWYD, PA / ACCESSWIRE / June 25, 2019 / Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Caesars Entertainment Corp. ("Caesars" ...
Moody's Investors Service ("Moody's") downgraded Caesars Entertainment Operating Company LLC's ("CEOC") Corporate Family Rating to B1, its Probability of Default Rating to B1-PD and its senior secured bank rating to B1 and placed these ratings on review for further downgrade reflecting the announcement by parent, Caesars Entertainment Corp ("CEC"), that it entered into a merger agreement with Eldorado Resorts, Inc. (ERI). CEOC is expected to be merged with another CEC subsidiary, Caesars Resorts Collection, LLC. ("CRC"), as a part of the merger financing plan, and so the rating downgrade equalizes it with that of CRC. The broad scope of the transaction structure and financing was announced by ERI.
Moody's Investors Service ("Moody's") placed the Caesars Resort Collection, LLC's ("CRC") B1 Corporate Family Rating, B1-PD Probability of Default Rating, Ba3 senior secured and B3 senior unsecured ratings on review for downgrade reflecting the announcement by parent, Caesars Entertainment Corp ("CEC"), that it entered into a merger agreement with Eldorado Resorts, Inc. (ERI). ERI will acquire CEC's common for $12.75 per share consisting of $8.40 per share in cash and 0.0899 shares of ERI common stock for total consideration of $17.3 billion comprised of $7.2 billion in cash, about 77 million ERI common shares and assumption of CEC's net debt, including its existing convertible security.
There’s a surprising acquisition coming in the gaming space and an unsurprising result in the fast-food industry.
WILMINGTON, DE / ACCESSWIRE / June 25, 2019 / Rigrodsky & Long, P.A.: Do you own shares of Caesars Entertainment Corporation (NASDAQ GS: CZR )? Did you purchase any of your shares prior to June 24, 2019? ...
The combined company will have 60 casino properties — including 5 in Philadelphia and Atlantic City.
Reno-based Eldorado Resorts Inc. is buying Caesars Entertainment Corp. in a $17.3 billion cash and stock deal, which would make it the largest gaming operator in the country and bring most of Lake Tahoe’s largest casinos under the same ownership.
Even after a rejection last fall, Fertitta reportedly was still interested in a Caesars deal as of March. Although a merger is off the table, Fertitta might still benefit from the deal announced June 24.
Investors interested in gaming shouldn't lose sight of the big bet being placed on further relaxation in U.S. laws surrounding gaming, especially after the blockbuster deal between Caesars Entertainment and Eldorado and who are certainly betting its chips on that trend.
Caesars Entertainment Corp. and Eldorado Resorts Inc. set the termination fees for the $8.6 billion deal agreed Monday, saying int a regulatory filing that if Caesars terminates the deal in favor of another one or in other circumstances it would pay Eldorado a termination fee of $418 million. If the deal were terminated by Eldorado, it would pay Caesars a termination of fee of $155 million, said the filing. "In addition, each party will be obligated to reimburse the other party's expenses for an amount not to exceed $50 million if the Merger Agreement is terminated because of the failure to obtain the required approval of such party's stockholders (creditable against any termination fee that may subsequently be paid by such party)," said the filing. Both stocks were slightly lower in premarket trade.
One scoop to start: Smith & Nephew board members have discussed moving the company’s share listing to the US, partly to escape the UK’s stricter attitude towards executive pay. Read the exclusive from the FT’s Sarah Neville and DD’s Arash Massoudi. Some of the most famous performers of our time have graced the stages of Las Vegas, ready to entertain the millions of tourists who descend upon Sin City every year.
NEW YORK, June 24, 2019 -- Bragar Eagel & Squire, P.C. is investigating potential claims against the board of directors of Caesars Entertainment Corporation (NASDAQ: CZR).
NEW YORK , June 24, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Caesars Entertainment Corp. ("Caesars" ...
Caesars Entertainment (CZR) stock jumped over 15% Monday after news broke that the company agreed to merge with Eldorado Entertainment (ERI).
NEW YORK, NY / ACCESSWIRE / June 24, 2019 / Halper Sadeh LLP, a global investor rights law firm, announces it is investigating PCM, Inc. (NASDAQ: PCMI), Caesars Entertainment Corporation (NASDAQ: CZR), ...
The Dow Jones Industrial Average ended little changed Monday as investors looked to the upcoming G-20 summit for a breakthrough in U.S.-China trade talks. agreed to buy Caesars in a $17.3 billion deal that will create the biggest U.S. gaming company. Eldorado Resorts slumped 10.6%.
U.S. stocks ended mostly lower on Monday, with only the blue-chip Dow managing to hold onto slight gains, as geopolitical tensions in the Middle East weighed on the oil sector. The Dow Jones Industrial Average was up 9 points, or less than 0.1%, to around 26,728, based on preliminary numbers. The S&P 500 was down 0.2% to finish around 2,945. The Nasdaq Composite fell 0.3% to end around 8,006. President Donald Trump signed an executive order sanctioning Iran's leaders. The U.S. and Iran have been stuck in a simmering dispute over attacks on tankers near the Strait of Hormuz and the downing of a U.S. drone last week. U.S. oil futures settled higher on Monday, even as energy stocks were among the worst performers for the day. Investors were mostly focused on the upcoming G-20 meeting at the end of the week, with many hoping President Donald Trump and Chinese counterpart Xi Jinping will reach a deal to prevent a further escalation in trade tensions. Shares of Caesars Entertainment Corp. jumped 15% after the casino operator consented to a buyout by Eldorado Resorts Inc.