Milbank, Latham, Skadden Advise on $8.6B Casino Mega-Merger
Eldorado and Caesars double down to create the largest U.S. gaming company.
June 24, 2019 at 03:40 PM
3 minute read
Eldorado Resorts and Caesars Entertainment Corp. are betting big that a merger between the two gaming giants will lead to a heater for shareholders. The new combined entity will retain the “Caesars” name and operate 60 gaming facilities across 16 U.S. states.
In a deal announced Monday morning, Eldorado will take control of all of Caesars' outstanding shares at $12.75 per share, with a total purchase price of $8.58 billion in cash and stock and a total consideration of $17.3 billion, including debt. Eldorado shareholders will maintain 51% of the company's outstanding shares, while Caesar's investors will hold the remaining 49%.
Milbank, Tweed, Hadley & McCloy and Latham & Watkins are representing Eldorado on the deal. Milbank has represented both companies in the past, including handling an $18 billion debt restructuring for a Caesars subsidiary and advising Eldorado on a 2018 deal with William Hill PLC to act as the company's exclusive sports betting operator.
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