Casino Merger Clears Key Hurdle
(photo courtesy of Indiana Grand Racing & Casino)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA major merger involving several Indiana casinos has received a key antitrust approval. The Federal Trade Commission has accepted a proposed consent order from Eldorado Resorts Inc. (Nasdaq: ERI) and Caesars Entertainment Corp. (Nasdaq: CZR), which the companies say satisfies all required antitrust clearances for the more than $17 billion merger.
Eldorado owns the Tropicana Evansville casino, while Caesars owns the Horseshoe casinos in Hammond and Harrison County, as well as Indiana Grand Racing & Casino in Shelbyville and Hoosier Park Racing & Casino in Anderson.
“We are delighted to announce the FTC’s approval of our planned Merger with Caesars, which is expected to create the largest owner and operator of U.S. gaming assets,” Tom Reeg, chief executive officer of Eldorado, said in a news release. “We look forward to completing the Merger, subject to receipt of the remaining consents and approvals from regulators in Nevada, New Jersey and Indiana.”
The deal still requires approval from the Indiana Gaming Commission and the Indiana Horse Racing Commission, as well as the Nevada Gaming Control Board, the Nevada Gaming Commission, and the New Jersey Casino Control Commission.
The merger was first announced just over a year ago. At that time, Eldorado said if the deal is approved, the combined company will continue to operate under the Caesars name.
The companies did not provide an anticipated time frame for the deal to close.