The proposed deal that is set to see American casino operator Caesars Entertainment Corporation merge with smaller counterpart Eldorado Resorts Incorporated reportedly passed a significant hurdle yesterday by being approved by regulators in the western state of Nevada.
According to a Wednesday report from the Associated Press news service published by MarketWatch.com, the planned $17.3 billion arrangement was sanctioned by the Federal Trade Commission late last month after earlier having received the nod from gaming regulators in the states of Iowa, Louisiana, Illinois and Pennsylvania. The completed alliance would purportedly create the world’s largest single casino operator with over 50 properties although it is still awaiting analogous consents from officials in Indiana and New Jersey.
Extensive examinations:
The report from the Associated Press detailed that the Nevada Gaming Control Board and the Nevada Gaming Commission unanimously approved the intended amalgamation on Wednesday following the conclusion of hearings in which officials raised questions concerning issues as diverse as employee retention and the consequences associated with failure.
Coming concentration:
Reno-headquartered Eldorado Resorts Incorporated is currently responsible for five venues in Nevada including the Circus Circus Reno Hotel and Casino and its flagship Eldorado Resort Casino. The firm’s Chief Executive Officer, Thomas Reeg, reportedly told regulators in ‘The Silver State’ that the combined entity is destined to be a ‘new Caesars’ that will primarily ‘focus on domestic gaming’.
Reeg reportedly declared…
“We think what we’re good at is taking existing properties, optimizing their operations, building a responsible capital structure and driving value for all of our stakeholders.”
Manifold moves:
For its part and Las Vegas-based Caesars Entertainment Corporation runs gaming operations at Nevada venues such as the impressive Caesars Palace Las Vegas and Bally’s Las Vegas although it was recently obliged to vacate its Harrah’s Reno property owing to anti-competition concerns associated with the envisioned merger.
Exceptional endorsement:
Steven Cohen from the Nevada Gaming Commission reportedly congratulated both operators on their ability ‘to get this deal done in this economic climate’ while the Nevada Gaming Control Board’s Terry Johnson is said to have predicted that ‘there is a reasonable likelihood of success based on what we have heard so far.’