Eldorado Resorts Nears Caesars Entertainment Acquisition

Home » Eldorado Resorts Nears Caesars Entertainment Acquisition

Eldorado Resorts has been keen to acquire Caesars Entertainment for some time now and create of the largest properties in the United States. The operator gradually eliminates all scepticism about the completion of the transaction and more approvals have been coming.
The most recent positive sentiment arrives from Missouri regulators which approved the idea in December. In addition, the Louisiana Gaming Control Board allowed the idea earlier this February. With additional approvals, the acquisition reached the final stage with the expectation to be completed in the first quarter of 2020.

Operator’s Notification

Following the former approvals, Eldorado Resorts has just given a statement saying that three additional regulatory bodies have authorized the deal. According to the statement, the company said it had

“received approval from the Louisiana Racing Commission (LRC), the Pennsylvania State Horse Racing Commission [PSHRC], and the Illinois Gaming Board (IGB) in connection with its pending acquisition of Caesars Entertainment Corporation, subject to customary conditions.”

The Louisiana Racing Commission (LRC) approval was crucial due to Harrah’s Louisiana Downs, which is held by Caesars. Moreover, the Pennsylvania State Horse Racing Commission (PSHRC) granted endorsement due to Harrah’s Philadelphia Caesars property, which includes a sports gambling option.

More authorizations

In the next period, the Pennsylvania Gaming Control Board should grant more approval and operators expect the positive outcome. For now, Eldorado is inactive in the state while Caesars operates only the Harrah’s property in the same region.

One of the most crucial approvals of the acquisition has been offered by Illinois Gaming Board. The current scenario in the state is turbulent and gambling expansion is taking place regularly. Despite running three casino venues in Illinois, Eldorado and Caesars deal has been welcome by the regulator.

The merger waits for another 15 authorizations from the U.S states. Nevada and New Jersey regulators, in particular, would be the most significant and both operators are assured about the positive response. Both companies are active in each state, however, they have been cutting the portfolio while expecting the completion of the deal.

While looking forward to Jersey approvals, other jurisdictions should also talk about the approval of the transaction. Iowa regulators will plan consultations in the coming week to decide whether the merger brings a threat to the local industry.

Source: https://lcb.org/news/elodardo-caesars-transaction-continues-to-get-approvals-acquisition-close-to-finalization

Leave a Reply

Your email address will not be published. Required fields are marked *

The following GDPR rules must be read and accepted:
This form collects your name, email and content so that we can keep track of the comments placed on the website. For more info check our privacy policy where you will get more info on where, how and why we store your data.