Gambling Buyout Could Have Huge Impact in SBC
Big news in the gambling world. El Dorado Resorts has agreed to buy Caesars Entertainment. It's a $17.3 billion cash-and-stock deal, including debt.
Locally, Caesars owns Horseshoe in Bossier City and Harrah's Louisiana Downs in Bossier City. KEEL News asked Gaming Control Board Chairman Ronnie Jones if this will have any impact on the local gambling community. He says
There's no specific state law which would prohibit, but the merger creates clear competitive issues that the Federal Trade Commission will have to look at.
El Dorado will acquire all of the outstanding shares of Caesars for a total value of $12.75 per share, consisting of $8.40 per share in cash consideration and 0.0899 shares of Eldorado common stock for each Caesars share of common stock.
Caesar's also owns the land based casino in New Orleans and just reached a deal with the state to extend the deal for 30 years in exchange for a $325 million investment in the complex including a new hotel and a massive upgrade at the current casino.