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CZR

Caesars

$12.96

0.1 (0.78%)

, ERI

Eldorado Resorts

$52.10

0.93 (1.82%)

17:38
11/15/19
11/15
17:38
11/15/19
17:38

Eldorado, Caesars stockholders approve Eldorado acquisition of Caesars

Eldorado Resorts (ERI) and Caesars Entertainment Corporation (CZR) announced that, at separate Special Meetings of Stockholders today, their respective stockholders approved certain actions in connection with Eldorado's acquisition of Caesars. The transaction is expected to be consummated in the first half of 2020 and remains subject to the receipt of all required regulatory approvals, and other closing conditions. Holders of over 99% of the Eldorado shares that voted on the issuance of shares of Eldorado common stock in connection with transactions contemplated by the merger agreement with Caesars cast their votes in favor, representing approximately 87% of Eldorado's outstanding common stock as of the record date for the Eldorado stockholder meeting. Holders of over 99% of the Caesars shares that voted on the merger cast their votes in favor, representing approximately 76% of Caesars' common stock outstanding and entitled to vote as of the record date for the Caesars stockholder meeting. Eldorado and Caesars stockholders also approved each of the other matters on their respective meeting agendas, including the Eldorado stockholders' approval of the reincorporation of Eldorado from Nevada to Delaware subject to and promptly following the consummation of the merger.

CZR

Caesars

$12.96

0.1 (0.78%)

ERI

Eldorado Resorts

$52.10

0.93 (1.82%)

  • 15

    Nov

CZR Caesars
$12.96

0.1 (0.78%)

06/25/19
WOLF
06/25/19
UPGRADE
WOLF
Outperform
Eldorado Resorts upgraded to Outperform from Peer Perform at Wolfe Research
Wolfe Research upgraded Eldorado Resorts (ERI) to Outperform from Peer Perform saying the acquisition of Caesars (CZR) is favorable in terms of deal synergies and resulting weakness has provided a buying opportunity.
06/25/19
MSCO
06/25/19
DOWNGRADE
Target $12.5
MSCO
Equal Weight
Caesars downgraded to Equal Weight from Overweight at Morgan Stanley
Morgan Stanley analyst Thomas Allen downgraded Caesars (CZR) to Equal Weight from Overweight with a $12.50 price target after the company agreed to be acquired by Eldorado Resorts (ERI). While he sees a potential bull case to $15 per share where the market values Caesars at Friday's multiples inclusive of the greater than $500M of synergies expected for the merger, Allen said he also sees a less likely bear case of $9 per share if the deal were to fall apart.
07/01/19
DBAB
07/01/19
NO CHANGE
Target $74
DBAB
Buy
Eldorado Resorts price target raised to $74 from $56 at Deutsche Bank
Deutsche Bank analyst Carlo Santarelli raised his price target for Eldorado Resorts (ERI) to $74 from $56 following the company's acquisition of Caesars Entertainment (CZR). The combined entity, from a financial perspective, "harmonizes nicely" and generates "considerable" free cash flow, which, if valued properly relative to peers, implies "meaningful upside" in the shares, Santarelli tells investors in a research note. He keeps a Buy rating on both Eldorado and Caesars.
08/26/19
08/26/19
UPGRADE
Target $26

Overweight
VICI Properties raised to Overweight at Morgan Stanley on non-gaming opportunity
As previously reported, Morgan Stanley analyst Thomas Allen upgraded VICI Properties (VICI) to Overweight from Equal Weight and raised his price target to $26 from $25. The analyst notes that the stock has underperformed since the merger announcement between Eldorado Resorts (ERI) and Caesars Entertainment (CZR) on concerns that the deal will result in greater tenant risk, but he believes that it makes Caesar's rent "better covered by free cash flows" in a recession and that the underperformance is overdone. Allen also cites the company's recent investor presentation highlighting its non-gaming asset expansion opportunity.
ERI Eldorado Resorts
$52.10

0.93 (1.82%)

07/01/19
WELS
07/01/19
UPGRADE
Target $24.5
WELS
Outperform
VICI Properties upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo analyst Jeffrey Donnelly upgraded VICI Properties (VICI) to Outperform from Market Perform and raised his price tare for the shares to $24.50 from $23. The company's recent partnership announcement with Eldorado Resorts (ERI) will increase its rent base by $252.5M, Donnelly tells investors in a research note. The analyst believes the deal is positive for VICI given its 6% earnings accretion, improved lease terms, and replenished pipeline for future acquisitions. In addition, the continued institutionalization of the gaming real estate investment trust sector should allow for more cap rate compression within the asset class over time, says Donnelly.
07/24/19
SUSQ
07/24/19
INITIATION
Target $50
SUSQ
Neutral
Eldorado Resorts initiated with a Neutral at Susquehanna
Susquehanna analyst Joseph Stauff initiated Eldorado Resorts with a Neutral rating and $50 price target, stating that it is "stuck" in a deal process until 2020. While he believes synergy estimates are conservative, the "market won't pay for them until deal risk is very low," contends Stauff.

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