Eldorado Resorts




Caesars Entertainment, Inc., formerly Eldorado Resorts, Inc., is an American hotel and casino entertainment company founded and based in Reno, Nevada that operates more than 50 properties.
Eldorado Resorts acquired Caesars Entertainment Corporation and changed its own name to Caesars Entertainment on July 20, 2020.

History

The company traces its history back to the development of the Eldorado Hotel in Reno, which was opened on May 24, 1973 by a group of investors that included Don Carano and other members of the Carano family.
On July 28, 1995, the Eldorado opened the adjacent Silver Legacy Resort Casino in partnership with Circus Circus Enterprises.
The Eldorado companies were reorganized in 1996 as Eldorado Resorts LLC in connection with a $100-million bond offering.
In 2005, the company took over the bankrupt Hollywood Casino Shreveport in Louisiana, buying a 76 percent stake in the property for $154 million. It was then rebranded as the Eldorado Casino Shreveport.
In 2013, Eldorado agreed to combine with the publicly traded MTR Gaming Group in a reverse merger. The merger would add three racinos in Ohio, Pennsylvania, and West Virginia to Eldorado's portfolio. The transaction closed on September 19, 2014, creating Eldorado Resorts Inc. in its present form. Eldorado's existing owners held 50.2 percent of the combined company, and Gary Carano was appointed as its chairman and CEO.
In November 2015, Eldorado bought Circus Circus Reno and the 50% stake in the Silver Legacy that it did not already own from MGM Resorts International for $73 million.
In May 2017, Eldorado acquired Isle of Capri Casinos for $1.7 billion in cash, stock, and assumed debt, adding twelve casinos to its holdings.
In February 2018, Eldorado agreed to sell Presque Isle Downs and Lady Luck Casino Vicksburg to Churchill Downs, Inc. for a total of $230 million. The sale of the Lady Luck was later canceled because of antitrust concerns, and Eldorado instead agreed to sell the operations of Lady Luck Casino Nemacolin to Churchill Downs. Both sales were completed in 2019.
In August 2018, Eldorado bought the Grand Victoria Casino in Illinois for $328 million. Two months later, Eldorado acquired the operating business of Tropicana Entertainment for $640 million, adding seven casinos to its portfolio. Gaming and Leisure Properties simultaneously purchased the real estate of five of the casinos and leased them to Eldorado for a total of $88 million per year. Additionally, Eldorado paid $246 million for the real estate underlying Tropicana's Lumière Place casino in Missouri.
In March 2019, it was reported that Eldorado was discussing a merger with Caesars Entertainment. On June 23, 2019, Caesars accepted Eldorado's offer to purchase the company for $18 billion in stock and cash. Eldorado operated 26 assets compared to Caesars, which controlled 53. Eldorado would change its name to Caesars Entertainment after the completion of the acquisition, and the companies' loyalty programs would be combined under the Caesars Rewards brand. Eldorado's key executives would be retained. The deal is expected to be completed in the first half of 2020.
With the Caesars acquisition pending, Eldorado sold three properties to Vici Properties and Century Casinos for a total of $385 million, with Vici acquiring the real estate assets and Century acquiring the operating businesses. Eldorado also sold Lady Luck Casino Vicksburg and Isle of Capri Casino Kansas City to Twin River Worldwide Holdings for $230 million. The deals were intended to reduce Eldorado's debt level and avert potential antitrust issues in Missouri, where Eldorado and Caesars together owned 6 of the state's 13 casinos.
In April 2020, Twin River agreed to buy Eldorado Shreveport and the MontBleu casino in Lake Tahoe, Nevada.
On June 26, 2020, the Federal Trade Commission approved Eldorado's acquisition of Caesars.

List of properties

The properties owned and operated by Caesars Entertainment are:
The following properties are operated by the company under a lease or a management agreement: