Caesars & Eldorado Merger Clears Federal Trade Commission
Caesars Entertainment Corporation (NASDAQ: CZR) announced today that the Federal Trade Commission (the “FTC”) has accepted a proposed consent order, which concludes the FTC’s Hart-Scott-Rodino review of Caesars’ pending merger (the “Merger”) with Eldorado Resorts, Inc. (NASDAQ: ERI) (“Eldorado”).
The FTC’s acceptance of the consent order satisfies all required antitrust clearances for the Merger.
The completion of the Merger remains subject to the satisfaction of other closing conditions, including receipt of all consents and approvals from the Nevada Gaming Control Board, Nevada Gaming Commission, New Jersey Casino Control Commission, Indiana Gaming Commission and Indiana Horse Racing Commission.
“We are pleased that the FTC’s approval of our planned Merger with Eldorado paves the way for securing the remaining consents and approvals from regulators in Indiana, Nevada and New Jersey. All of us at Caesars are committed to completing the Merger, which is expected to create the largest U.S. gaming company,” said Tony Rodio, CEO of Caesars Entertainment.
About Caesars Entertainment
Caesars Entertainment is one of the world’s most diversified casino-entertainment providers and the most geographically diverse U.S. casino-entertainment company. Since its beginning in Reno, Nevada, in 1937, the company has grown through development of new resorts, expansions and acquisitions. TTheir resorts operate primarily under the Caesars®, Harrah’s® and Horseshoe® brand names. The company’s portfolio also includes the Caesars Entertainment UK family of casinos. They are focused on building loyalty and value with its guests through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership. The company is committed to its employees, suppliers, communities and the environment through its PEOPLE PLANET PLAY framework. For more information, please visit their website.
About Eldorado Resorts
Eldorado Resorts is an American hotel and casino entertainment company founded and based in Reno, Nevada that operates 23 properties across 11 U.S. states.
With the Caesars acquisition pending, Eldorado sold three properties (Lady Luck Casino Caruthersville, Mountaineer Casino Racetrack and Resort and Isle Casino Cape Girardeau) to Vici Properties and Century Casinos for a total of $385 million, with Vici acquiring the real estate assets and Century acquiring the operating businesses. Eldorado also agreed to sell Lady Luck Casino Vicksburg and Isle of Capri Casino Kansas City to Twin River Worldwide Holdings for $230 million. The deals were intended to reduce Eldorado’s debt level and avert potential antitrust issues in Missouri, where Eldorado and Caesars together owned 6 of the state’s 13 casinos.
In April 2020, Twin River Worldwide Holdings agreed to buy Shreveport Resort and Casino in Shreveport, Louisiana, and MontBleu Resort Casino & Spa in Lake Tahoe, Nevada. – Wikipedia
