NJ regulator approves Eldorado-Caesars merger
Eldorado Resorts has received the final approval for its acquisition of Caesars Entertainment to create the largest casino operator in the US.
US.- Eldorado Resorts has received the final approval for its merger with Caesars Entertainment. Eldorado’s $17.3 billion acquisition of Caesars Entertainment will make the company the largest casino operator in the US and one of the largest in the world.
After delaying its decision by two days, the New Jersey Casino Control Commission (NJCCC) has given the deal the final seal of approval. The merger had already received approval from the Nevada Gaming Commission, the Indiana Gaming Commission (IGC), and the Indiana Horse Racing Commission (IHRC).
Although Eldorado is acquiring Caesars in the deal, the operator will take the Caesars name. Eldorado Resorts will now be named Caesars Entertainment, Inc.
The combined Caesars Entertainment will now be the largest regional and destination gaming operator in the US with 55 casino properties worldwide, including of eight iconic casino hotel properties on the Las Vegas Strip. Caesars also owns or operates casinos in 16 states across the US, including Nevada, Colorado, Missouri, Iowa, Florida, Mississippi, Louisiana, Ohio, Illinois, Indiana, New Jersey, Pennsylvania, Arizona, North Carolina, California and Maryland.
Tom Reeg, CEO of the combined Caesars Entertainment, said: “We are pleased to have completed this transformative merger, thus making us the premier leader in gaming and hospitality. We look forward to executing on the numerous opportunities ahead to create value for all stakeholders. Additionally, we are pleased to welcome all of our Team Members to the combined company, and we look forward to implementing all of the strategic initiatives that will position the company for continued growth.”
According to conditions applied in Indiana, the combined company must sell three of its Indiana casinos before the end of the year to go ahead with the merger.
The regulators in Indiana had previously expressed concerns about the merger because of the proportion of the sector that would fall under the combined company’s control.
