Huge news today, as Eldorado Resorts has bought Caesars for $8.7 billion.

Here are some answers to questions you probably have:

(NOTE: The below info is my personal analysis, and not the result of any official statements from either company.)


Why was this sale made? Was it related to Caesars' bankruptcy of a few years ago?

Partially, but not really. Investor Carl Icahn, who held 10% of Caesars, has been increasingly putting pressure upon Caesars to sell, stating that it was the best way to raise its stock value. Icahn recently acquired a few seats on the Caesars board and has been increasingly influential at the company. The rest of the board didn't really want to sell, but Icahn finally made it happen. Indeed, the sale valued Caesars stock at $13/share, which was substantially higher than its last close at $9.99.



What is Eldorado Resorts?

While not as well known as Caesars, Eldorado Resorts holds 26 properties around the US. Their best known brands are Isle, El Dorado, Lady Luck, and Tropicana (NOT including the Tropicana Las Vegas, which has different ownership). They also own a Circus Circus in Reno, but NOT the one in Vegas. They own three properties in Reno (Eldorado, Silver Legacy, Circus Circus), one in Atlantic City (Tropicana), but none in Vegas.



Are the Caesars properties going to change names?

At this time, no. They will all continue under their existing brands. Note that Eldorado has bought other properties in the past, and mostly kept their existing brands intact.



What will happen to Caesars Rewards (Total Rewards)? Should I spend my Rewards Credits immediately?

Caesars Rewards will remain the same. This is one of Caesars' most valuable assets, and it is highly unlikely it would be dismantled. Your Reward Credits will almost surely remain completely intact. It is possible Caesars Rewards will change names, as it just did earlier in 2019.



What will happen to Club One, the existing rewards club for Eldorado Resorts?

At the moment, nothing. However, it is likely going to be rolled into Caesars Rewards sometime in 2019.



What will happen to the World Series of Poker? Will it change? Will it move out of the Rio?

The WSOP was already likely to leave the Rio in 2020 once the Caesars Convention Center (on the Las Vegas strip) is complete. That has nothing to do with this sale. The WSOP itself is not likely to change, as it is wildly successful, and again is one of Caesars' best assets. The existing WSOP management (Ty Stewart, Jack Effel, Seth Palansky) is also likely to stay in place.



What changes will the typical Caesars customer see after the sale?

Very little. You will have more properties where your Total Rewards status will apply, and you will probably get the higher of your two status between Club One and Total Rewards (though both might take a little time). It is possible El Dorado will sell some underperforming properties, but that is not in the plans at this time.



What new markets will be part of the former Caesars empire?

Blackhawk (Colorado), St. Louis, Pompano Beach (Florida), Westlake (Louisiana), Shreveport (Louisiana), Columbus (Ohio), Evansville (Indiana), Waterloo (Iowa), Boonville (Missouri), Caruthersville (Missouri), Cape Girardeau (Missouri), Greenville (Mississippi), Lula (Mississippi), Vicksburg (Mississippi), New Cumberland (West Virginia).



I am banned at Caesars properties. Does this mean I'm able to come back?

Sadly, no. In fact, it's the opposite. If you are banned at Caesars properties OR Eldorado properties, you will soon be banned at this new combined group of properties, as the ban lists will likely merge.