In Nevada and prominent casino operators Eldorado Resorts Incorporated and Caesars Entertainment Corporation have reportedly announced that they will be holding special meetings next month in hopes of securing official shareholder permission to proceed with their proposed merger.
According to a report from Inside Asian Gaming, the pair will seek stakeholder authorization to finalize the $17.3 billion arrangement to create the largest casino firm in the United States via separate November 15 engagements due to be held at their respective corporate headquarters in Reno and Las Vegas.
Should both sets of shareholders consent to the deal, Inside Asian Gaming reported that Eldorado Resorts Incorporated would be authorized to hand over some $7.2 billion in cash as well as approximately 77 million common shares in order to assume a majority stake in Caesars Entertainment Corporation. The arrangement would purportedly also include the former assuming all of its larger rival’s outstanding debt with the combined entity retaining the Caesars brand name.
Inside Asian Gaming reported that the meetings are to moreover see shareholders for both Nevada firms asked to sanction the creation of a new eleven-member board of directors consisting of six representatives from Eldorado Resorts Incorporated alongside five from Caesars Entertainment Corporation.
It detailed that this body is expected to see the former’s Chief Executive Officer, Thomas Reeg, and Chairman, Gary Carano, join with compatriots David Tomick, Frank Fahrenkopf Jr, Michael Pegram and Bonnie Biumi to run the newly-combined entity in partnership with the latter’s James Nelson, Jan Jones Blackhurst, Keith Cozza, Courtney Mather and Don Kornstein.
First announced in June, the proposed merger would reportedly create an operator that is responsible for over 70 properties including the iconic Bally’s Las Vegas, Caesars Atlantic City Hotel and Casino and Harrah’s Resort Southern California.
The likelihood that the projected union will be approved has already purportedly prompted Caesars Entertainment Corporation to address anti-competition concerns by offloading its giant Rio All-Suite Hotel and Casino Las Vegas venue for $516.3 million while it additionally inked a $1.8 billion deal last month that saw it agree to sell its Harrah’s Laughlin Hotel and Casino, Harrah’s Resort Atlantic City and Harrah’s New Orleans Hotel and Casino properties to the Vici Properties real estate investment trust.