Caesars Expected To Sell Strip Properties Due To Eldorado MergerPhil Ruffin And Tilman Fertitta Are Two Of The Frontrunners To Land A Property In Event Of A Sale |
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Caesars Entertainment merged with Eldorado Resorts last month to potentially create the biggest gambling company in the U.S.
According to a report from the Las Vegas Review Journal, the new Caesars Entertainment might be looking to sell a Las Vegas Strip property or two, in anticipation of some pushback from regulators over monopoly concerns.
“I would expect that we would be a seller of a strip asset, but that decision has not been made,” said Eldorado CEO Thomas Reeg in a conference call last month about the merger.
The merger hasn’t been finalized yet, and it won’t be until 2020, but the rumors are already starting to circulate over which company could potentially purchase a strip property.
Phil Ruffin, owner of Treasure Island, and Tilman Fertitta, owner of Golden Nugget Casinos, are two of the frontrunners to scoop up a new Strip casino. In May, Ruffin told the ¬_LVRJ¬_ that he was interested in buying another casino on the strip. Ruffin said he could raise $1 billion in cash and more in financing to purchase a Strip casino from Caesars.
Fertitta tried to buy the entire company outright last year, but his offer was rejected. His intention with his offer was to merge Golden Nugget with Caesars and multiple outlets are reporting that he will try and purchase a Caesars casino.
Barry Jonas, an analyst for SunTrust Robinson Humphrey, told the LVRJ that there are plenty of other operators, like Twin River Worldwide, a gaming company based out of Rhode Island, and Reno-based Monarch Casino, that would make sense as a buyer.
“Both are examples of smart operators who don’t have a Strip presence,” said Jonas.
Last month, Eldorado unloaded three properties in West Virginia and Missouri in preparation of the merger.
Caesars’ Strip properties include Caesars Palace, Bally’s Las Vegas, The Linq, Harrah’s Las Vegas, Flamingo, Paris, The Cromwell and Planet Hollywood.
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