Indiana and Nevada have approved the Eldorado-Caesars merger and it's now entering the final stages. Once the merger is completed, there will be a regional giant which will operate in 16 states.
Eldorado-Caesars Merger
Final Steps for the Merger
The highly anticipated merger between Eldorado and Caesars is nearing its completion, having received approvals from Indiana and Nevada. This monumental deal will create a powerful regional casino operator across 16 states.
Ongoing Transactions in Atlantic City
In related news, the sale of Bally’s Atlantic City hotel and casino for about $25 million by Caesars Entertainment and VICI Properties to Twin River Worldwide Holdings is still in progress. Following the merger’s completion, the new conglomerate will manage three major resorts near Philadelphia and New York: Tropicana Atlantic City, Harrah’s, and Caesars.
New Jersey Vote Confirms $17.3 Billion Caesars-Eldorado Merger
On Friday, July 17, New Jersey granted final approval for Eldorado Resorts Inc., a prominent gaming company based in Nevada, to proceed with its $17.3 billion acquisition of Caesars Entertainment Corp.
This decision followed the New Jersey Casino Control Commission's endorsement of the deal, which allows Eldorado to acquire all four Caesars-owned casino resorts in Atlantic City. The commission determined that the merger would not significantly disrupt market competition in favor of the newly formed entity, which will operate under the Caesars brand.
Before the vote, Commissioner Alisa Cooper and Chairman James Plousis expressed uncertainty about the outcome, acknowledging the high stakes involved. Cooper emphasized that the "stakes couldn’t be any higher," reflecting the potential impact of the merger on the industry. Ultimately, the commission’s ruling paved the way for this monumental consolidation in the gaming sector.
Fedral Trade Commisssion
Lastly, Shreveport, Louisiana, was included in the discussions to address competitive concerns surrounding the merger. This move was aimed at ensuring that the consolidation wouldn't significantly impact market competition in the region. However, one Federal Trade Commission (FTC) commissioner opposed the deal, raising alarms about the substantial debt involved. The commissioner highlighted that the merger's financial structure could lead to challenges in maintaining operational stability and delivering value to consumers, thus urging for more scrutiny on the implications of such a massive financial undertaking. This dissenting opinion reflects ongoing worries about how the merger might affect not just the companies involved but also the broader casino landscape and its competitive dynamics.
Eldarado- Ceasar's buyout Completed
The merger has been approved and the former CEO of Eldorado Resorts and now the Ceo of Ceasars Enertainment Inc. Tom Reeg said they will welcome all the employees.
The acquisition also impacts Caesars properties in the United Kingdom, Egypt, Canada, Dubai, and a golf course in Macau, a major gambling hub in China. With this buyout, the company has surpassed MGM Resorts International to become the world's largest casino operator.
