is caesars casino in atlantic city closing

It agreed to remove deed restrictions blocking casino developments by other property owners.

It also says it will spend $400 million improving them over the next three years and reinvest 5% of revenue annually after that.

Of the four affected casinos in New Jersey, Caesars Entertainment and VICI Properties are selling Bally’s Atlantic City hotel-casino for $25 million to Rhode Island-based Twin River Worldwide Holdings.Įldorado is promising not to close the three remaining boardwalk properties - Caesars, Harrah’s and the Tropicana - for at least five years. Executives also have floated plans to sell at least one Las Vegas Strip property. Eldorado agreed to sell three of its five casinos in Indiana. Nevada gambling regulators approved the buyout last week, followed by Indiana casino and horse racing authorities. One FTC commissioner voted no, citing projected Eldorado debt of nearly $13 billion and billions in additional obligations to VICI Properties and another real estate investment trust, Gaming and Leisure Properties Inc. The Federal Trade Commission accepted the plan June 26, after Eldorado agreed to satisfy antitrust concerns by selling properties in Kansas City, Missouri South Lake Tahoe, California and Shreveport, Louisiana. gambling operations.Īpproval in New Jersey was the final hurdle. Reeg will head what officials have termed “new Caesars,' and he emphasized the company’s focus on U.S.

Eldorado will own 56% of the merged company, which will continue operations and stock trading under the name Caesars Entertainment Inc.Įldorado stock traded at $39.01 on Friday, and Caesars Entertainment was at $12.39. Icahn acquired a large block of Caesars shares after that company emerged from bankruptcy protection in late 2017 and pushed for the sale.Įldorado plans to buy Caesars stock at $12.30 per share, using $8.70 in cash and the remainder in Eldorado shares, Reeg told Nevada regulators. The buyout also affects Caesars properties in the United Kingdom, Egypt, Canada and a golf course in the Chinese gambling enclave of Macau.īillionaire investor Carl Icahn will be the largest single shareholder, with more than 10% of the combined company, Eldorado CEO Thomas Reeg said this week. Frustrated Eagles fan speaks on newfound internet fame

Is caesars casino in atlantic city closing