{"id":111359,"date":"2019-08-06T16:49:58","date_gmt":"2019-08-06T23:49:58","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=111359"},"modified":"2019-08-06T17:19:21","modified_gmt":"2019-08-07T00:19:21","slug":"eldorado-resorts-could-sell-sports-betting-unit-after-buying-caesars","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/eldorado-resorts-could-sell-sports-betting-unit-after-buying-caesars\/","title":{"rendered":"Eldorado CEO Reeg Looking to Unlock Value in Caesars Online, Sports Betting, Could Lead to Asset Sale"},"content":{"rendered":"

Eldorado Resorts, Inc. (NASDAQ:ERI) CEO Tom Reeg is looking for ways to maximize value in his company’s $17.3 billion takeover of Caesars Entertainment Corp. (NASDAQ:CEC), and that could eventually include parting ways with the mobile and online sports betting business.<\/p>\n

\"\"
The bar at Caesars Las Vegas sportsook. The company’s mobile betting operations could be spun off. (Image: Twitter)<\/figcaption><\/figure>\n

As the company reported second-quarter results on Monday, Caesars highlighted growth in its<\/a> sports wagering business, noting it’s working on seven retail sportsbooks in Indiana and is looking to add retail sports betting locations in Illinois and Iowa, among other states.<\/p>\n

When Eldorado completes its takeover of Caesars in the first half of next year, jettisoning the combined company’s online sports wagering operation could be a possibility.<\/p>\n

They\u2019ve (Caesars) got an internet casino business that is a material business that I think really gets little to no value,\u201d said Reeg on a conference call with analysts and investors today following Eldorado’s quarterly earnings report. \u201cI\u2019m starting to think about: Is there a way to structurally put something together that shines a light on that business? More of a pure-play fashion.\u201d<\/p><\/blockquote>\n

The combined company will be the largest casino operator in the US, with more than 60 gaming properties, according to an Eldorado investor presentation.<\/p>\n

On the investor call, Reeg did not say for certain how, after the Caesars transaction is completed, the sports wagering business could be moved away from the parent company.<\/p>\n

When companies part with operations or units as avenues for bolstering shareholder value, they usually do so by selling the unit outright and returning some of the capital to investors, or by doing a spin-off in the form of an initial public offering (IPO).<\/p>\n

If the Caesars\/Eldorado sports betting operations are spun-off into another publicly traded entity, the parent company would be able to maintain a stake in the new company, thereby participating in some of its growth.<\/p>\n

Potentially enhancing the allure of tapping the online gaming business to unlock shareholder value is Caesars’ footprints in New York and Pennsylvania, two of the largest states. New York hasn’t signed off on mobile betting yet, but Pennsylvania has.<\/strong><\/p>\n

All About Online<\/b><\/h2>\n

Caesars operates casinos in 14 states, nine of which have legalized sports betting operational or have approved it. Excluding West Virginia, where sports wagering is legal and the company recently sold<\/a> a property, Eldorado owns or operates venues in six states where sports wagering is already permitted or soon will be.<\/p>\n

\n

Both companies have been adding mobile sports betting in states where that is permitted, and the combined entity would have one of the dominant online wagering offerings in several states, including Indiana, Nevada and New Jersey. Caesars and Eldorado combine to own four casinos in Atlantic City at a time when online sports betting is booming in the Garden State<\/a>.<\/span><\/p>\n<\/div>\n

In unison, the companies operate nearly 10 properties in Indiana, which could have sports betting ready before the start of football season<\/a>. Eldorado runs two casinos in Colorado, a state that votes on sports betting in November.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Eldorado Resorts, Inc. (NASDAQ:ERI) CEO Tom Reeg is looking for ways to maximize value in his company’s $17.3 billion takeover of Caesars Entertainment Corp. (NASDAQ:CEC), and that could eventually include parting ways with the mobile and online sports betting business. As the company reported second-quarter results on Monday, Caesars highlighted growth in its sports wagering […]<\/p>\n","protected":false},"author":46,"featured_media":111362,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\nEldorado Resorts Could Sell Sports Betting Unit After Buying Caesars<\/title>\n<meta name=\"description\" content=\"Eldorado Resorts could unlock value by selling its mobile sports betting business after it finishes the $17.3 billion takeover of Caesars.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eldorado Resorts Could Sell Sports Betting Unit After Buying Caesars\" \/>\n<meta property=\"og:description\" content=\"Eldorado Resorts could unlock value by selling its mobile sports betting business after it finishes the $17.3 billion takeover of Caesars.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/eldorado-resorts-could-sell-sports-betting-unit-after-buying-caesars\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-06T23:49:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-08-07T00:19:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/08\/cpbook.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"658\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/eldorado-resorts-could-sell-sports-betting-unit-after-buying-caesars\/\",\"url\":\"https:\/\/www.casino.org\/news\/eldorado-resorts-could-sell-sports-betting-unit-after-buying-caesars\/\",\"name\":\"Eldorado Resorts Could Sell Sports Betting Unit After Buying Caesars\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/eldorado-resorts-could-sell-sports-betting-unit-after-buying-caesars\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/eldorado-resorts-could-sell-sports-betting-unit-after-buying-caesars\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/08\/cpbook.jpg\",\"datePublished\":\"2019-08-06T23:49:58+00:00\",\"dateModified\":\"2019-08-07T00:19:21+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Eldorado Resorts could unlock value by selling its mobile sports betting business after it finishes the $17.3 billion takeover of Caesars.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/eldorado-resorts-could-sell-sports-betting-unit-after-buying-caesars\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/eldorado-resorts-could-sell-sports-betting-unit-after-buying-caesars\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/eldorado-resorts-could-sell-sports-betting-unit-after-buying-caesars\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/08\/cpbook.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/08\/cpbook.jpg\",\"width\":1200,\"height\":658,\"caption\":\"The bar at Caesars Las Vegas sportsook. The company's mobile betting operations could be spun off. (Image: Twitter)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/eldorado-resorts-could-sell-sports-betting-unit-after-buying-caesars\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Eldorado CEO Reeg Looking to Unlock Value in Caesars Online, Sports Betting, Could Lead to Asset Sale\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Eldorado Resorts Could Sell Sports Betting Unit After Buying Caesars","description":"Eldorado Resorts could unlock value by selling its mobile sports betting business after it finishes the $17.3 billion takeover of Caesars.","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Eldorado Resorts Could Sell Sports Betting Unit After Buying Caesars","og_description":"Eldorado Resorts could unlock value by selling its mobile sports betting business after it finishes the $17.3 billion takeover of Caesars.","og_url":"https:\/\/www.casino.org\/news\/eldorado-resorts-could-sell-sports-betting-unit-after-buying-caesars\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2019-08-06T23:49:58+00:00","article_modified_time":"2019-08-07T00:19:21+00:00","og_image":[{"width":1200,"height":658,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/08\/cpbook.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/eldorado-resorts-could-sell-sports-betting-unit-after-buying-caesars\/","url":"https:\/\/www.casino.org\/news\/eldorado-resorts-could-sell-sports-betting-unit-after-buying-caesars\/","name":"Eldorado Resorts Could Sell Sports Betting Unit After Buying Caesars","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/eldorado-resorts-could-sell-sports-betting-unit-after-buying-caesars\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/eldorado-resorts-could-sell-sports-betting-unit-after-buying-caesars\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/08\/cpbook.jpg","datePublished":"2019-08-06T23:49:58+00:00","dateModified":"2019-08-07T00:19:21+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Eldorado Resorts could unlock value by selling its mobile sports betting business after it finishes the $17.3 billion takeover of Caesars.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/eldorado-resorts-could-sell-sports-betting-unit-after-buying-caesars\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/eldorado-resorts-could-sell-sports-betting-unit-after-buying-caesars\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/eldorado-resorts-could-sell-sports-betting-unit-after-buying-caesars\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/08\/cpbook.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/08\/cpbook.jpg","width":1200,"height":658,"caption":"The bar at Caesars Las Vegas sportsook. The company's mobile betting operations could be spun off. (Image: Twitter)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/eldorado-resorts-could-sell-sports-betting-unit-after-buying-caesars\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"Eldorado CEO Reeg Looking to Unlock Value in Caesars Online, Sports Betting, Could Lead to Asset Sale"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/111359"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=111359"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/111359\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/111362"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=111359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=111359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=111359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}