Eldorado Resorts Raises Cash With an 18 Million-Share Offering
As it moves forward with its plans to acquire and merge with Caesars Entertainment (NASDAQ: CZR), casino giant Eldorado Resorts (NASDAQ: ERI) announced several major moves today to raise additional cash. The company's deal to merge with Caesars, likely to close this month, amounts to a likely $17.5 billion, and will create America's largest gaming enterprise to date.
Today, Eldorado announced it's publicly offering 18 million shares of common stock for sale, with an additional 2.7 million shares optionally available to the offering's underwriters for the next 30 days. Eldorado says the money is earmarked for "general corporate purposes."
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