In the casino business, the minnow is swallowing the whale.
Eldorado Resorts Inc.’s $8.58 billion acquisition of Caesars Entertainment Corp. means an underdog from Reno, Nev. -- a town long in the shadow of Las Vegas -- will become the largest owner of casinos in the U.S.
In the deal, announced June 24, Caesars shareholders will receive about $12.75 a share, including $8.40 in cash. That’s a 28% premium to the casino chain’s close on Friday, June 21.
While the combined company will retain the Caesars name, there’s no mistaking who’s buying whom in this transaction: Eldorado, with a market ...
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