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Article about Eldorado/Caesars Merger

Discussion in 'Casino Industry & Development' started by Sonya, Jun 16, 2020.

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  1. Sonya

    Sonya Queen of VMB

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    Thought some of you might be interested in this article.

    Eldorado and Caesars’ cost cutting is boosting profits at regional casinos as merger close nears

    https://www.cnbc.com/2020/06/16/eldorado-caesars-cost-cutting-is-boosting-profits-at-regional-casinos.html

     
    • Informative Informative x 6
  2. bdautch

    bdautch VIP Whale

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    Damn...I was hoping against hope that this would collapse. Oh well, life goes on.
     
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  3. LB9

    LB9 PH Blackjack Degen

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    Yeah, when I first saw this article on CET, I was a bit taken aback frankly that this will be done in the next few weeks apparently.

    I had heard that Caesars Rewards will be the reward program they stick with, but I'm not sure if that's definitive.
     
    Bally's Nov 6 - 9
  4. HardEight44

    HardEight44 Low-Roller

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    If I am not mistaken doesn’t work dorado have separate rewards programs for their different brands? I hope that everything is merged under the CET brand.
     
  5. mkl37

    mkl37 Tourist

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    I really hope that Eldorado's One Club does not merge with CET's reward program. I was treated better in Reno at Eldorado than at Harrah's.
     
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  6. vegasvstr

    vegasvstr High-Roller

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    I played at a two Eldorado casinos and both had different rewards programs. What they have now for branding/programs seems disjointed.

    [​IMG]
     
  7. dankyone

    dankyone VIP Whale

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    Massive cost cutting and closing unprofitable parts of the business sounds ominous...no lounges, no poker in many spots...
     
  8. hammie

    hammie VIP Whale

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    The crown jewel is the Caesars Rewards database of 55 million members, I have read reports that it is valued at $1 Billion. I would think the Eldorado player base will be merged into Caesars Rewards.

    In anticipation of the merger, CET sold Bally's Atlantic City for a mere $25 million, $19 goes to Vici Properties, and CET gets $6. That fire sale price was done to get the blessing of the regulators in NJ to approve the merger, but also this property had been ignored for too many years by CET.
     
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  9. Chuck2009x

    Chuck2009x VIP Whale

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    I didn't look around a lot, but that was the original plan.

    Makes sense to keep the Caesars structure if only for the fact that it had 4x the number of members as ERI, so fewer people would have to adjust. Get everybody in and up to speed, wait awhile to start tweaking.

    https://www.playusa.com/caesars-rewards-players-club-merge-eldorado/
     
  10. mkl37

    mkl37 Tourist

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    I would question how many more Eldorado players will be added to Caesars Reward. My guess is that if you have a Eldorado One Club card you already have a Caesars Reward card. Merging the 2 would piss off many of the existing Eldorado One Club card member. I know in Reno they will lose the locals.
     
  11. Sonya

    Sonya Queen of VMB

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    Update:

    https://www.fool.com/investing/2020/06/18/eldorados-acquisition-of-caesars-entertainment-pos.aspx
    Eldorado's Acquisition of Caesars Entertainment Postponed Until At Least July:

    With the one-year anniversary of the deal's announcement around the corner, Eldorado Resorts finds itself once again baffled as it attempts to finalize its acquisition of Caesars Entertainment The two companies hoped to complete their combination into a single, titanic casino enterprise before the end of June. However, regulatory delays in Indiana have pushed back the date yet again, probably to sometime later in July.

    With earlier meetings canceled due to the COVID-19 pandemic, the Indiana Gaming Commission just said they have chosen July 10 as the date when the "proposed Eldorado Resorts and Caesars Entertainment transaction will be considered." The commission added, "a full agenda will be released once it becomes available." The deal currently can't close until the Indiana Gaming Commission, the gaming commissions of New Jersey and Nevada, and the Federal Trade Commission (FTC) all provide their approval.
     
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  12. Sonya

    Sonya Queen of VMB

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    https://www.cdcgamingreports.com/ftc-conditionally-approves-17-3b-eldorado-caesars-merger-pending-casino-sales/

    FTC Conditiaonally Approves $17.3 billion Eldorado Caesars Merger Pending Casino Sales:

    The Federal Trade Commission conditionally approved the $17.3 billion merger between Eldorado Resorts and Caesars Entertainment Friday – 367 days after the gaming transaction was announced.

    In a statement, the FTC said it is requiring Reno-based Eldorado to sell two casinos in Lake Tahoe, Nevada, and Shreveport, Louisiana “in order to move forward with the merger.” The FTC, which rules on federal antitrust issues on major business mergers, said the merger “likely would be anticompetitive in those markets.”

    In April, Eldorado agreed to sell Eldorado Shreveport and the operations of MontBleu Resort Casino in Lake Tahoe to Rhode Island-based Twin River Worldwide Holdings for a combined $155 million.

    Also, the FTC wants Eldorado’s planned sale of the Isle of Capri Kansas City to Twin River be completed in 60 days after the Caesars acquisition closes “to prevent competitive harm” in the Missouri city. Eldorado announced plans earlier this year to sell the casino to Twin River, along with Lady Luck Vicksburg in Mississippi for a combined $230 million.

    If the Kansas City casino deal isn’t completed within the time frame, “the Commission may, at its discretion, require Eldorado to divest the casino to a Commission-approved buyer within 12 months.”

    The FTC approval was one of the last major hurdles standing in the way of the Eldorado-Caesars transaction, which was announced on June 24, 2019. Gaming regulators in Nevada, Indiana, and New Jersey still need to approve the transaction, which will create a regional gaming company with nearly 60 properties in 16 states.
     
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  13. vegasvstr

    vegasvstr High-Roller

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    I thought they already sold the Isle of Capri Casino or maybe most closed?
    If they'd ever been there they would have seen that it's not much of a competitive threat.:blink:
     
  14. lithium78

    lithium78 VIP Whale

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    I'm curious whether the merger will wipe out my ban from CET. They decided to ban me from their properties because I excluded myself from internet gambling for a year. I just figured that leaving that option open to myself could lead to problems, so I was being responsible about it. I do most of my gambling in Atlantic City and I have visited Eldorado's Tropicana AC, which I thought was reasonably fun.
     
    4-Day Getaway to Atlantic City!
  15. vegasvstr

    vegasvstr High-Roller

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    Their website indicates it should be removed once the exclusion period is over. I have a feeling it may take them some time to merge programs. Seems like they should have a way to exclude someone from online only, I wonder if they just apply it against the whole state?
     
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  16. Film-Noir

    Film-Noir High-Roller

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  17. vegasvstr

    vegasvstr High-Roller

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    • Informative Informative x 1
  18. vegasvstr

    vegasvstr High-Roller

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    "The Indiana Gaming Commission on Friday conditionally approved Eldorado Resorts Inc.’s planned $17.3 billion acquisition of Caesars Entertainment Corp.

    In a unanimous vote, the commission ordered the new company to divest three Indiana properties by Dec. 31 to avoid a market concentration by one operation..."
    -https://www.reviewjournal.com/business/casinos-gaming/indiana-gaming-commission-approves-eldorado-acquisition-of-caesars-2071519/amp/

    https://www.streetinsider.com/dr/news.php?id=17102731
     
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  19. vegasvstr

    vegasvstr High-Roller

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    Also the Indiana Racing Commission meets next week to review and they have concerns with Eldorado.

    This article has more details, I find it hard to believe they'd sell Caesars Southern Indiana they just redid.

    Wonder which 3 they will sell?
     
    Last edited: Jul 10, 2020
  20. lithium78

    lithium78 VIP Whale

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    I just applied online to remove the self-exclusion now that the year is up, because I'm going to AC in a few months for a convention and the place where I am staying is about one block from Caesars AC. Hopefully, this will revoke the ban so I can go in there to play and enjoy their restaurants. I feel that CET is short-sighted to physically ban players who self-exclude from online gaming. All it did for me was send me over to the Borgata or Tropicana to play instead.
     
    4-Day Getaway to Atlantic City!
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