The proposed deal that is set to see American casino operator Caesars Entertainment Corporation merge with smaller counterpart Eldorado Resorts Incorporated has reportedly been approved by regulators in the state of Indiana.
According to a Monday report from the Reno Gazette Journal newspaper citing an earlier filing from Nasdaq-listed Eldorado Resorts Incorporated, the envisioned $17.3 billion arrangement was sanctioned by the Indiana Horse Racing Commission yesterday just three days after it had gained the blessing of the Indiana Gaming Commission.
The Reno Gazette Journal reported that the pair’s planned amalgamation was authorized by the Federal Trade Commission late last month and also holds similar approvals from gaming regulators in the states of Maryland, Iowa, Louisiana, Illinois, Nevada, Mississippi and Pennsylvania. The newspaper moreover detailed that the completed amalgamation would create the world’s largest single casino operator with over 50 properties and is now only awaiting analogous consent from officials in New Jersey.
Reno-headquartered Eldorado Resorts Incorporated runs Indiana’s Tropicana Evansville facility while Caesars Entertainment Corporation is currently responsible for casino operations inside the Indiana Grand Racing and Casino, Horseshoe Hammond, Hoosier Park Racing and Casino and Caesars Southern Indiana. The former firm was purportedly required to sell several properties owing to anti-competition concerns with the most recent approval coming with the condition that the enlarged entity offload at least three of its venues in ‘The Hoosier State’ before the end of the year.
The Reno Gazette Journal additionally reported that the amalgamation of Eldorado Resorts Incorporated with Caesars Entertainment Corporation has been a boon for rival casino operator Twin River Worldwide Holdings Incorporated as it has recently inked deals to take over the former’s Lady Luck Casino and Hotel Vicksburg, Isle of Capri Casino Kansas City, Eldorado Resort Casino Shreveport, Montbleu Resort Casino and Spa Lake Tahoe and Bally’s Atlantic City.