Harrah's parent Caesars Entertainment sold in $17-billion buyout deal

As part of deal, Harrah's New Orleans sold to VICI Properties

Thomas Perumean
June 24, 2019 - 12:05 pm

A seismic shift rippling through the gaming industry has implications for New Orleans and Louisiana casinos.  El Dorado Resorts has announced they are buying Caesars Entertainment in a deal valued at $17.3-billion.  
 
The deal encompasses 60-casinos in 16 states.  For Louisiana the owner of Belle of Baton Rouge, Isle of Capri Casino Hotel in Lake Charles and El Dorado Resort and Casino in Shreveport is buying the owner of Harrah's in Downtown New Orleans, Harrah's Louisiana Downs in Bossier City and Horseshoe Bossier City. 
 
As part of the deal, the Harrah's New Orleans, along with Harrah's Atlantic City and Harrah's Laughlin (Nevada) resorts will come under ownership of VICI Properties, the New York-based property trust spun off from Caesars in 2017.  VICI owns 23 casinos, hotels, racetracks and four golf courses. VICI will pay $1.8-billion for the Harrah's properties and the current owners will pay rent to VICI as the operator of the property.  
 
Eldorado is paying $12.75 a share for Caesars and stock to close the deal.  El Dorado will hold a 51-49 percentage majority in the new company.   
 
The combined business will be called Caesars and its shares will be traded on the Nasdaq stock market.
 
The deal is targeted to close in the first half of next year if approved by gaming regulators and shareholders.

 

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