Caesars Entertainment, Inc. · NASDAQ:CZR
Caesars Entertainment — Eldorado Resorts — Merger or Acquisition (June 2019)
12 slides from Caesars Entertainment's merger presentation, Jun 24, 2019
Slide 1: Transformational Strategic Combination
Transformational Strategic Combination June 24, 2019 Exhibit 99.2
Slide 2: Additional Information
Additional Information This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. In connection with the proposed transaction, Eldorado intends to file with the SEC a registration statement on Form S-4 (the “registration statement”) that will include a
Slide 3: Transformational Strategic Combination
Transformational Strategic Combination Creates the largest owner and operator of U.S. gaming assets – Increased scale across ~60 domestic gaming properties and 16 states 1 Leverages the unique strengths of each company to form the nation’s premier gaming company – Caesars Rewards, brands & destinati
Slide 4: Transaction Overview
Transaction Overview Transaction structure Eldorado Resorts, Inc. (“Eldorado”) to combine with Caesars Entertainment Corporation (“Caesars”) Eldorado will acquire Caesars for total consideration of approximately $17.3 billion(1), comprised of $7.2 billion in cash, approximately 77 million Eldorado s
Slide 5: Right of First Refusals
Right of First Refusals Acquisition of real estate VICI will acquire the real estate associated with Harrah's Resort Atlantic City, Harrah's Laughlin Hotel & Casino and Harrah's New Orleans Hotel & Casino Represents approximately $1.8 billion of the $3.2 billion in proceeds The triple net lease will
Slide 6: Creation of the Largest Owner and Operator of U.S. Gaming Assets
Creation of the Largest Owner and Operator of U.S. Gaming Assets ($ in billions) (3,4) Source: Public company filings. (1)Domestic property counts pro forma for recently announced acquisitions and divestitures. Combined company pro forma for the sale of Mountaineer Casino, Lady Luck Casino Caruthers
Slide 7: Largest and Complementary National Footprint
Las Vegas Laughlin Largest and Complementary National Footprint (1) Excluding Rio. (2) Domestic properties only, including managed properties. Pro forma for the sale of Mountaineer Casino, Lady Luck Casino Caruthersville and Isle Casino Cape Girardeau announced by Eldorado on 6/17/19. Caesars proper
Slide 8: Marquee Destination Assets, Iconic Brands and Rewards Program to Drive Value
Marquee Destination Assets, Iconic Brands and Rewards Program to Drive Value in the Expanded Regional Network (1)LTM 3/31/19 regional net revenue. Pro forma for the acquisition of Grand Victoria Casino and Tropicana Entertainment, which closed on 8/7/18 and 10/1/18, respectively. Pro forma for the s
Slide 9: Exceptional Leadership with Proven Decentralized Operating Model Focused on Cash Flow
Exceptional Leadership with Proven Decentralized Operating Model Focused on Cash Flow Empower property-level management to execute disciplined operational and cash flow centric strategies Deep pool of property-level leadership throughout the combined portfolio Focused approach to marketing and promo
Slide 10: $500 Million in Identified Year 1 Synergies with Longer-term Upside
$500 Million in Identified Year 1 Synergies with Longer-term Upside Implementation of Eldorado’s lean, decentralized management structure Reduction in duplicative public company costs More effective traditional marketing spend across platforms Revenue uplift from network effect of the hub and spoke
Slide 11: Financing Overview
Financing Overview Eldorado has obtained fully committed financing from J.P. Morgan, Credit Suisse and Macquarie Capital $7.2 billion of cash consideration to Caesars shareholders derived from the following sources: $3.2 billion from VICI $0.4 billion from announced asset sales $0.9 billion from inc
Slide 12: Eldorado's Proven Track Record of Delivering Shareholder Value
Eldorado’s Proven Track Record of Delivering Shareholder Value Note: Eldorado announced the acquisition of MTR Gaming Group in September 2013, Isle of Capri in September 2016, and Tropicana Entertainment / Grand Victoria Casino in April 2018. (1)Gaming index includes RRR, CHDN, BYD, LVS, WYNN, MGM,