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Eldorado Merger Approved with Caesars Entertainment, creating the World’s largest casino company

New Jersey gaming regulators gave the final approval Friday for a $17.3 billion merger   of Eldorado Resorts Inc and Caesars Entertainment Corp, 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 coming days. The combined company will have 52 properties in 16 U.S. 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. Billionaire investor Carl Icahn will be the largest single shareholder, with more than 10% of the combined company, Eldorado CEO Thomas Reeg said this week. Icahn acquired a large block of Caesars shares after that company emerged from bankruptcy protection in late 2017 and pushed for the sale. Eldorado plans to buy Caesars stock at $12.30 per share, using $8.70 in cash and the remainder in Eldorado shares, Reeg told Nevada regulators. Eldorado will own 56% of the merged company, which will continue operations and stock trading under the name Caesars Entertainment Inc. Eldorado stock traded at $39.01 on Friday, and Caesars Entertainment was at $12.39. New Jersey gaming regulat[...]


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