Caesars’ $17 Billion Sale Saved by Bettors Racing Back to Tables

Eager U.S. gamblers returning quickly to casinos after the Covid-19 lockdown helped Eldorado Resorts Inc. sell almost $8.8 billion in debt and stock needed to complete its takeover of Caesars Entertainment Corp.

Eldorado’s Tom Reeg, who now is chief executive officer of the combined company, said he never questioned whether to go forward with the deal, which was worth $17 billion when it was announced last year, even after the coronavirus shut down all the casinos in the country for three months.

Thomas Reeg

Photographer: Wayne Parry/AP Photo

“It continued to make business sense, our financing commitments were rock solid,” Reeg, 49, said in ...