Caesars Shareholders Win With Eldorado's $12.75 Per Share Bid, Leaving Shares Fairly Valued
We think Eldorado Resorts' $12.75 per share offer for Caesars is a good price for shareholders and marginally enhances the company's competitive position. We plan to lift our Caesars fair value estimate to around $12 (discounted for the time value of money, with the deal scheduled to close in the first half of 2020). Although we see this merger leading to marginally higher competition for no-moat peer MGM, we don’t expect any meaningful change to our $38 fair value estimate for that company and ...Caesars Entertainment is a holding company that provides casino-entertainment and hospitality services. The company's facilities include gaming offerings, food and beverage outlets, hotel and convention space, and non-gaming entertainment options. In addition to its brick and mortar assets, the company operates an online gaming business that provides real money games in certain jurisdictions and provides retail sports wagering in certain jurisdictions. The company's consolidated business is composed of five complementary businesses: casino entertainment, food and beverage, rooms and hotel, casino management services, and entertainment and other business operations, including mobile sports betting.
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