Regulators at the Nevada casino will merge Eldorado Resorts and Caesars Entertainment Corp. worth $ 17.3 billion later this week. This emerges from a joint agenda published on July 1st.
Both the Nevada Gaming Control Board and the Nevada Gaming Commission meet on July 8th at 9:30 a.m. and have taken up the deal in matters that are being discussed and voted on.
The upcoming vote by Silver State regulators over the mega-merger is welcome news after Eldorado and Caesars released it late last month Federal Trade Commission to combine their operations.
The combination creates the largest US casino operator based on the number of properties owned. The deal was first announced in June 2019.
Nevada is one of the few states where regulatory approvals for the merger are pending. Regulators in Indiana and New Jersey still have to vote on the deal. Your boards have scheduled meetings on July 10 and July 15, respectively.
Ticking fairy lifts price tag
The Caesars-Eldorado merger was originally scheduled to be completed in late March. However, the corona virus pandemic hit the United States in mid-March, causing significant disruption to the casino industry and ultimately delaying the deal.
Eldorado will now probably try to close the connection as soon as possible, as is the company Payment of $ 2.3 million in ticketing fees a day since April 1st because the transaction could not be completed within the deadline set above.
This will increase the price of the Caesars combination by more than $ 232 million by July 10. However, Eldorado CEO Tom Reeg said this earlier this year “The deal still makes financial sense for his company despite the higher costs “ and that Eldorado would not try to renegotiate the fees. Mr. Reeg will step in as head of the combined casino group.
FTC orders Eldorado to sell properties in Lake Tahoe, Louisiana
In deciding to support the mega-fusion, the FTC asked Eldorado to sell theirs Montbleu Resort Casino & Spa Ownership of Lake Tahoe and Eldorado Resort Casino Shreveport in Shreveport, Louisiana to address concerns that ownership of the two properties could result in an anti-competitive situation.
Eldorado was already in the process of selling the two properties to the casino operator based in Rhode Island Twin River Worldwide Holdings. The transaction was closed last week.
Eldorado originally announced earlier this year that it would sell the Lake Tahoe and Shreveport casinos Maverick Gaming for $ 230 million. However, this deal failed due to the Covid 19 pandemic. Eldorado eventually sold the properties at a much lower price. Twin River paid $ 155 million to buy the casinos.
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