Vegas’ Eldorado resort stock hits $1,000,000
Eldorada Resort Holdings has reached a deal to buy Eldorados shares at a record price, bringing the company’s total market capitalization to $2.2 billion.CEO Gary Smith said Eldorados shares were up about 15 percent this week.
Eldoradas stock has been up over 1,000 percent this year, Smith said.
Smith said the deal could give Eldorades shareholders a larger amount of exposure to Eldorads assets than they currently have, with a total of 2.2 million shares of the company at stake.
The deal would create a $1.3 billion holding company with Eldoradicos share capital of 2,200,000 shares.
The company would also own Eldoradianes shares in the hotel and spa business, Smith added.
Eldorado Resorts has operated in Las Vegas since 1959.
Eldo-Dorados has been operating in the Las Vegas area since the 1970s.
Smith said the company has made substantial investments in hotels and resorts around the world.
The hotel and resort business has a total operating loss of more than $1 billion since 2014, according to the company.
The Las Vegas region is the second-largest hotel and casino market in the country after the Las Angles region.
Eddy Johnson, chairman and chief executive of Eldoradeas board of directors, said in a statement that the new company will provide Eldoradalas shareholders with greater value as the company develops.
Johnson said the new deal will benefit Eldoraderas shareholders and their shareholders by allowing them to benefit from an attractive value asset that has historically enjoyed strong market returns.