The acquisition Monday puts about 60 casinos and resorts in 16 states under a single name, one of the biggest gambling and entertainment ventures in the United States.
The company, which will be called Caesars, will be led by Reeg, along with Eldorado Chairman Gary Carano. It will be based in Reno Nevada, where Eldorado is based, with a "significant corporate presence" in Las Vegas, where Caesars is based. Shareholders of Eldorado Resorts Inc. will hold about 51% of the company's outstanding stock, with Caesars Entertainment Corp. shareholders holding the remaining and 49%.
Casinos have seen a tremendous uptick in revenue, however, with the broad legalization of sports betting.
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