Eldorado/Caesars Merger Gets Final OK, Creating World’s Largest Casino Co.

New Jersey gaming regulators gave the final approval Friday, July 17, for a US$17.3 billion merger of Eldorado Resorts and Caesars Entertainment, clearing the way for a deal that will create the world’s biggest casino company.

The New Jersey Casino Control Commission voted 2-0 in favor of the proposal, which for the time being gives one gaming company control of four of Atlantic City’s nine casinos. The vote came after an antitrust analyst had assured the Commission that the deal affecting those four casino-resorts would not concentrate too much of the local gambling economy in one company’s hands, the Associated Press reports.

“The stakes could not be any higher,” Commissioner Alisa Cooper said before joining Chairman James Plousis in voting for the deal. Plousis said there were “legitimate concerns” the new casino company “would be in a position to harm fair competition in the Atlantic City market” if left unchecked, but he felt confident in the 39 conditions imposed with the approval. He also said he was satisfied after two days of hearings that Eldorado executives had been “honest about the challenges that lie ahead” and “acknowledged the importance of Atlantic City to their success.”

Eldorado is expected to close the deal in the coming days. The combined company will have 52 properties in 16 US states, including Las Vegas Strip casino-resorts like Caesars Palace, Paris Las Vegas, Planet Hollywood, Flamingo and Linq. The buyout also affects Caesars properties in the UK, Egypt, Canada, and a golf course in the Chinese gambling enclave of Macau.

Full Content: Yogonet

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