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Thread: Eldorado Resorts buys Caesars -- what you need to know

  1. #1
    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.
    Check out my poker forum, and weekly internet radio show at http://pokerfraudalert.com

  2. #2
    *Dan’s opinions and speculation of what it means, not facts.

  3. #3
    You'll see that all of this comes true, but yes, this is all from my analysis and not stated by either company (yet).
    Check out my poker forum, and weekly internet radio show at http://pokerfraudalert.com

  4. #4
    Basically true Dan. A concerned player called me over to talk to one of the security guards as he had been drinking and I was basically trying to avoid him- thinking possibly it was just. Conjecture on his part. He verified and only said it had a lot to do with management. FWIW, the Horseshoe and Elderado are the two favorite casinos here. The Horseshoe is my main play- I played Elderado when it was Hollywood 10 years ago- so now I will have two choices without trying to build up free play in two places. Strange as it may seem, a change of venue is great and I'm not too fond of Margarittaville here.

  5. #5
    Originally Posted by Dan Druff View Post



    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.
    This is According to policy I assume? The real question is can you be arrested for trespassing in any of those situations?

  6. #6
    Originally Posted by AxelWolf View Post
    Originally Posted by Dan Druff View Post



    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.
    This is According to policy I assume? The real question is can you be arrested for trespassing in any of those situations?
    I've always wondered that, too.

    I got banned at a "certain chain" of properties about 20 years ago, and they added a new one. I was wondering if I could go there without being arrested, as that new property was not named when I was trespassed (because it didn't exist). It also wasn't obvious that this property was one of theirs by its name, so I could always claim ignorance.

    I decided I probably could, but I'm not sure what the law says.

    I've since had the ban rescinded anyway, so today it's a non-issue.
    Check out my poker forum, and weekly internet radio show at http://pokerfraudalert.com

  7. #7
    Originally Posted by mcap View Post
    *Dan’s opinions and speculation of what it means, not facts.
    Dan mentioned that they own three properties in Reno:
    Originally Posted by Dan Druff View Post

    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.
    So then has Tamarack Junction changed ownership or were they never owned by El Dorado ?

  8. #8
    At one time the El Dorado was a pretty good video poker spot. All of the bartops used to be $1 9/6 Jacks progressive. Every bar on the same meter probably 50 machines total. So good numbers frequently developed. They also had full pay joker poker. And for awhile they had 20 coin $1 full pay deuces. Tuna and his team messed that play up. The card was worth .6% comp and the mail was pretty good. When I lived in downtown Reno I ate free at the El Dorado restaurants and buffet almost everyday.

    It was the multi-game video pokers that messed up the 9/6 Jacks progressive. They left the progressive in when they installed them but the public then had a choice of a dozen games so the progressive got little action because of it.
    "More importantly, mickey thought 8-4 was two games over .500. Argued about it. C'mon, man. Nothing can top that for math expertise. If GWAE ever has you on again, you can be sure I'll be calling in with that gem.'Nuff said." REDIETZ

  9. #9
    JSTAT has posted information which already confirms some of what I said.

    Check out my poker forum, and weekly internet radio show at http://pokerfraudalert.com

  10. #10
    What's the anti-trust issuing involving Harrah's? The new company would own too much of downtown Reno?

  11. #11
    Originally Posted by smurgerburger View Post
    What's the anti-trust issuing involving Harrah's? The new company would own too much of downtown Reno?
    And South Reno, since El Dorado probably owns Tamarack Junction even though it is not listed on their website as one of their properties.

  12. #12
    The Eldorado still has a dozen or so machines with all full pay and or 100%+ games on them. That type of thing is not conducive to how CET/Total Rewards players play. Most of them play to get points and silly card status instead of to win money. Of course nothing is for sure, but smartmoney says every single Diamond and Seven Stars player who either reads or posts here, is a gut-wrenching loser who is so addicted to the dwindling rewards CET doles out that they will continue going to shitholes like the Rio, Harrahs Reno, and Harrahs Lake Tahoe to continue dumping their discretionary income.
    Last edited by Rob.Singer; 06-24-2019 at 02:07 PM.

  13. #13
    Originally Posted by tableplay View Post
    Originally Posted by smurgerburger View Post
    What's the anti-trust issuing involving Harrah's? The new company would own too much of downtown Reno?
    And South Reno, since El Dorado probably owns Tamarack Junction even though it is not listed on their website as one of their properties.
    Tamarack J is not associated with Eldorado Resorts and is independent.
    Thank goodness for that. It's Steakhouse and Thurs./Fri. night lounge happy hour is the best in N. Nevada.

  14. #14
    Originally Posted by Rob.Singer View Post
    Tamarack J is not associated with Eldorado Resorts and is independent.
    LOL:
    ir.eldoradoresorts.com/file/4512023/Index?KeyFile=1001193534

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  15. #15
    From reading that it looks like its at least 6 years old. Do they still have that minority ownership (oops--I mean "governorship" in order not to offend our fabulously diverse NBA) today? I mentioned they were independent because I talk to their mgmt. occasionally and that's how they described TJ.

  16. #16
    Originally Posted by Rob.Singer View Post
    From reading that it looks like its at least 6 years old. Do they still have that minority ownership (oops--I mean "governorship" in order not to offend our fabulously diverse NBA) today? I mentioned they were independent because I talk to their mgmt. occasionally and that's how they described TJ.
    Since LLCs aren't required to file annual reports (I believe the LLC is under the umbrella of the corporation so it wouldn't show up in the required annual corporate report), you can ask their management at your next shindig over Hors d'oeuvre. Based on the similarity of their VP offerings and paytables (ED and Tamarack Junction) along with a 2014 transfer of ownership to the ED Holding Company (see below) I would say it is quite likely. So, at present, I would say it is being held by the holding company arm of the firm. Maybe Regnis or Mister V could provide further insight.

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    Last edited by tableplay; 06-26-2019 at 12:59 PM.

  17. #17
    An excerpt from the 2018 annual report of Eldorado resorts, llc.

    "Resorts previously owned a 21.3% interest in Tamarack Crossing, LLC (“Tamarack”), a Nevada limited
    liability company that owned and operated Tamarack Junction, a casino in south Reno which commenced operations
    on September 4, 2001. On September 1, 2014, and as a condition to closing the Merger, Resorts distributed to
    HoldCo, and HoldCo subsequently distributed to its members on a pro rata basis, Resorts’ interest in Tamarack."

  18. #18
    Thanks folks.

    What I HAVE known about TJ is that they had some of the most generous double up machines years ago. Another place with a bar having 25c thru $10--all with the same 9/6 payable on ddbp.

  19. #19
    Originally Posted by regnis View Post
    An excerpt from the 2018 annual report of Eldorado resorts, llc.

    "Resorts previously owned a 21.3% interest in Tamarack Crossing, LLC (“Tamarack”), a Nevada limited
    liability company that owned and operated Tamarack Junction, a casino in south Reno which commenced operations
    on September 4, 2001. On September 1, 2014, and as a condition to closing the Merger, Resorts distributed to
    HoldCo, and HoldCo subsequently distributed to its members on a pro rata basis, Resorts’ interest in Tamarack."
    Much appreciated Regnis. - TP

  20. #20
    I feel obligated to mention this. Despite the fact that CET claims that RCs and such will remain unchanged, which I believe WILL be the case, this is not what happened when Harrah's took over Caesars Palace, lo those may moons ago. In race and sports, despite assurances at every level from ticket writers to the sports book manager, comps that were already on file were reduced in value by 60%. Not the comp rate, but already earned comps. People took huge hits.

    I mention this to highlight the fact that nothing is assured when there is a takeover.

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