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Caesars ventures into eSports

Thu, Jul 4, 4:29pm by Staff Writer

It has been a tumultuous time at Caesars Entertainment, as the company has been making a number of deals, including selling some of their most well-known and recognised properties.

However, they have also added new partners, and that was the case on Sunday when it was announced that they had reached a deal with Japanese arcade giant Taito to host an esports event, Calvin Ayre reports.

The new deal calls for a competition to occur at the Rio All-Suite Hotel & Casino in Las Vegas in August.

The event will be called the Toushinsai, and has been held in Japan every year since 2015.

In the last two years that the event has been hosted, more than 6000 players from across the globe have participated.

That number is expected to be dwarfed by how many are attracted to Las Vegas.

This year’s competition will feature a tournament of three-on-tree single elimination in Street Fighter V.

The winning team will receive an all expenses paid trip to Tokyo.

“Caesars Entertainment is excited to host Toushinsai competitors from around the globe,” Caesars vice president of strategic investment initiatives John Linss said.

“Our company has long fostered the rapidly growing eSports industry throughout our resorts and we are happy to be collaborating with Taito to bring their e-Arcade sports qualifier to North America for the first time.”

This new venture continues the reinvention of Caesars Entertainment.

Just days ago it was announced that the casino giant had pulled out of a potential deal to purchase one of the casino licences for the Gold Coast casino in Australia.

Yet, the globally recognised gaming giant still continues to find ways to keep their brand in the spotlight.

The same is true for Taito, as they see this as a golden opportunity to expand an already successful tournament across the globe.

“Caesars and The Wall have been great partners in providing a unique venue opportunity for our first qualifier in North America,” Taito’s president and executive director Tetsu Yamada said.

“Their expertise in eSports and entertainment, coupled with the state-of-the-art facilities will mean that our participants and their guests will have a first-class experience.

“In addition, eSports is anticipated to become an important attraction for the future integrated resorts in Japan and Caesars is an ideal partner for us, given its track record of innovation in the IR industry,” he said.

Eldorado buys Caesars

In the casino business, it’s the minnow swallowing the whale.

Japan Times is reporting that Eldorado Resorts Inc’s $8.58 billion acquisition of Caesars Entertainment Corp means an underdog from Reno, Nevada – a town long in the shadow of Las Vegas – will become the largest owner of casinos in the US.

In the deal announced Monday, Caesars shareholders will receive about $12.75 a share, including $8.40 in cash.

That’s a 28 per cent premium to the casino chain’s close on Friday.

While the combined company will retain the Caesars name, there’s no mistaking who’s buying whom in this transaction: Eldorado, with a market value of less than $4 billion, is clinching the giant from Las Vegas and its flagship Caesars Palace.

Eldorado’s quick ascent to the top of the industry benefited from a campaign by activist billionaire Carl Icahn, Caesars’ biggest shareholder, who pushed for a sale in recent months.

The Reno company is buying an ailing Caesars, still coping with the fallout of a 2008 leveraged buyout that left it with a mountain of debt.

But it wasn’t the only suitor: Golden Nugget owner Tilman Fertitta proposed merging his restaurant and casino empire with Caesars last year.

Eldorado dates back to a single casino opened in Reno in 1973 by Donald Carano, a lawyer who died in 2017.

The town, which calls itself “The Biggest Little City in the World” has always been the second fiddle of Nevada’s gambling industry.

The business has grown exponentially in recent years under the direction of Tom Reeg, who is now chief executive officer and will lead the combined Eldorado-Caesars along with Chairman Gary Carano and the rest of Eldorado’s management.

Among its purchases, Eldorado acquired MTR Gaming Group and Isle of Capri Casinos, and last year added Tropicana Entertainment, which was controlled by Icahn.

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