American casino operator Caesars Entertainment Corporation has announced that the $17.3 billion deal that is to see it merge with counterpart Eldorado Resorts Incorporated has been approved by the Federal Trade Commission.
The Las Vegas-headquartered firm used an official Friday press release to declare that the federal agency ‘has accepted a proposed consent order’ concerning the envisioned merger after concluding a review under the Hart-Scott-Rodino Antitrust Improvements Act and determining that the arrangement ‘satisfies all required anti-trust clearances.’
Caesars Entertainment Corporation earlier revealed that the planned amalgamation is to see Eldorado Resorts Incorporated hand over some $7.2 billion in cash as well as approximately 77 million common shares in order to assume a majority stake in its business. It moreover asserted that the combined entity is to retain the Caesars brand name and subsequently be responsible for an estate of 76 properties spread across the United States including the giant Caesars Southern Indiana, Harrah’s Resort Southern California and Caesars Atlantic City Hotel and Casino.
Tony Rodio, Chief Executive Officer for Caesars Entertainment Corporation, used the press release to detail that the proposed merger of his firm with Eldorado Resorts Incorporated was approved by the shareholders of both companies in November before going on to receive consent from gaming regulators in the states of Iowa, Louisiana, Illinois and Pennsylvania. He pronounced that the envisioned deal would ‘create the largest gaming company’ in the United States but still ‘remains subject to the satisfaction of other closing conditions’ including the receipt of analogous endorsements from officials in Nevada, Indiana and New Jersey.
Read a statement from Rodio…
“We are pleased that the Federal Trade Commission’s approval of our planned merger with Eldorado Resorts Incorporated paves the way for securing the remaining consents and approvals from regulators in Indiana, Nevada and New Jersey. All of us are committed to completing the merger.”