Vici Properties doubles-down on Eldorado-Caesars merger

摘要

Casino REITs have gone from a nascent sub-sector of the US REIT universe to figuring prominently in casino M&A financing, as shown by vici properties popping up on eldorado resorts' acquisition of caesars entertainment. Eldorado Resorts is paying US$8.5bn in cash and stock for Caesars. Eldorado is contributing 77m shares and assuming US$6.6bn of Caesars' debt, extending the overall enterprise value of the merger with Caesars to US$17.2bn. The regional casino operator will own 51% of the combined company and Caesars' shareholders 49%. No change of control is triggered, so the Caesars debt remains in place.