Caesars Entertainment is one of the biggest casino companies in the country. Over the past couple of months, Caesars has been going through some massive changes. This week, news broke that the company officially secured a deal with an MLS team.
It comes at an interesting time. This company is currently working to merge with Eldorado Resorts. Today, we’re going to discuss this upcoming merger, and look at how this new MLS deal will help the company in the future.
Let’s get into it!
2019 Was An Interesting Year for Caesars Entertainment
Caesars Entertainment has always been one of the biggest casino operators in the country. It was founded back in 1937 and grew extremely quickly. Over the past few decades, the company’s revenue began to fluctuate.
In 2014, rumors began to circulate about Caesars struggling to turn a profit. The next year, the company’s casino unit officially filed for Chapter 11 bankruptcy. That doesn’t mean it was closing down, though.
This company remains one of the largest casino operators in the country. Many analysts predicted that Caesars Entertainment would eventually merge with another major US casino company. In 2019, these predictions turned out to be correct.
In March of 2019, news broke that Caesars was merging with Eldorado Resorts. Of course, a deal of this magnitude takes a long time to complete. Eldorado Resorts is one of the most powerful gaming companies in the world.
Over the past few years, Caesars has begun to sell some of its major properties. This is all to help prepare its upcoming merge. This week, reports came out that the company signed a new deal with one of the country’s top sports leagues.
Caesars Entertainment is Now a Sponsor of an MLS Team
It’s not uncommon for casino companies to sign sponsorship deals with sports teams. In fact, many of the top US casino companies have inked deals with sports teams overseas as a way to break into a new country. Caesars just announced that it’s signed a sponsorship deal with D.C. United.
Moving forward, members of this popular MLS team will wear Caesars’ logo on their jerseys. It’s the first time that an MLS team has ever signed a deal with a US casino operator. It comes as part of the company’s strategy to become a leader in sports.
Jason Levien, Co-Chairman of D.C. United, commented on this new deal to the media this week.
“Partnering with Caesars provides us with a great opportunity to realize the dream of Audi Field being a year-round hub of entertainment and activity and is another strong indication that global brands continue to see value in partnering with our organization,” he said.
This deal is also allowing Caesars to appear throughout the team’s stadium. The logo will likely be featured in Audi Field. Bar, restaurant, and several new entertainment concepts are also being considered.
More States Approve the Caesars-Eldorado Merger
The merger between Eldorado Resorts and Caesars Entertainment is the biggest ever between two casino companies. It’s costing $17.3 billion for these companies to combine. The deal cannot be finalized until the country’s various state gambling commissions give their approval.
Fortunately, many states around the country have already given this deal the green light. It’s fantastic news. Now, the deal has fallen into the hands of New Jersey’s gaming commission.
State commissions want to ensure that this merger does not create a monopoly. Once merged, these companies will control a huge number of casinos in different states. This includes several major gaming venues in Atlantic City.
Officials within Atlantic City are currently studying the impact of this new deal. There’s a chance that several properties will need to be sold here in order to comply with the commission’s regulations. Eventually, the FTC will also need to approve this deal.
Caesars Entertainment is still an extremely powerful gambling corporation. Hopefully, this new sponsorship deal with the MLS helps to bring even more exposure to this company.
Stay tuned for updates on this situation over the next few months!