The New Jersey agreement is the last hurdle to stand in the way of the merger. The Federal Trade Commission approved the plan in June after Eldorado sold casinos in Missouri, South Lake Tahoe, California and Louisiana.
In an agreement with the New Jersey regulator, Eldorado officials promised regulators that the company would not close its three Atlantic City casinos for at least five years, saying they would spend $ 400 million upgrading facilities over the next three years and reinvesting 5 percent of the annual income in the years after that visit Agenpoker303.
Once the Bally sale is complete, Caesars will own Harrah’s Atlantic City, Caesars Atlantic City and Tropicana.
Nevada regulators approved the deal last week and the Indiana Gaming Commission approved the deal at the same time. Indiana regulators forced Eldorado and Caesars to sell three of its five properties in Hoosier State.
The merger has been in place for more than a year. After billionaire investor Carl Icahn announced that he was buying 10 percent of Caesars Entertainment in February 2019, he began pushing the sale of a casino company that filed for bankruptcy a few years earlier.
Icahn helped install Tony Rodio as Caesars’ new CEO the following month, which helped Icahn sell Tropicana Entertainment Inc. to Eldorado for $ 1.85 billion.
In June 2019, financial media outlets reported that Caesars and Eldorado were in negotiations for a possible merger. The deal was concluded in principle at the end of the month and the only remaining obstacle is regulatory approval.
Eldorado bought a 51 percent controlling stake in Caesars for a valuation of $ 17.3 billion. $ 7.2 billion was paid in cash and the remainder was recorded through Eldorado stock. Eldorado CEO Thomas Reeg will lead the new gaming giant.
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