Despite the slowdown that came forth due to the coronavirus pandemic, many developments are beginning to pick up the pace as efforts to bring the world back to normalcy. Many of the developments that were progressing in the United States before the pandemic hit are also getting back on track. One of these ongoing developments is the long-awaited merger between Caesars Entertainment Corp and Eldorado Resorts.
It has been a pretty big deal since it was announced especially because it is one of the biggest mergers in the gaming industry. The $17.3 billion merger will bring together up to 60 casinos and resorts spread out across 16 states, making it one of the biggest gaming entities in the world.
Before the merger moves forward, Indiana, Nevada, and New Jersey will have to weigh on the matter. The regulators in those states will have the say on whether the merger should be allowed or not. This week, it is Nevada’s turn to look into it. The date for the NGCB, the Silver State’s gaming control board, and the Nevada Gaming Commission’s (NGC) discussion of the merger has been set to Wednesday, July 8.
While the discussion is yet to reach the states of Indiana and New Jersey, Eldorado Resorts and Caesars Entertainment are quite confident about receiving approval from regulators in those states. The two companies are also very optimistic about receiving approval from the regulators in Nevada. Hearings in Indiana and New Jersey have been scheduled for July 10 and July 15, respectively.
Acquisition Deal for Two Eldorado Casinos Completed
There were, of course, a few concerns that were pointed out earlier on before the merger received the approval of the Federal Trade Commission on June 26. In order for that to happen, Eldorado Resorts had to divest some of its casino properties. These included casino venues in Louisiana and Missouri.
The offloading process has been going quite well for Eldorado Resorts as some of its casino properties have already been purchased. On July 2, Twin River Worldwide Holding announced that it has closed the deal to purchase the Lady Luck Casino in Vicksburg, Mississippi, and the Isle of Capri Casino in Kansas City, Missouri for a total of $230 million.
“Isle Kansas City and Lady Luck Vicksburg expand our geographic footprint with assets in attractive markets. We believe these assets are a great fit for our portfolio and see the opportunity to increase the net cash flow from these properties with our redevelopment and operating plans.”GEORGE PAPANIER, PRESIDENT AND CHIEF EXECUTIVE OFFICER OF TWIN RIVER.
The acquisitions represent a monumental leap for Twin River Worldwide which has been on the lookout for more opportunities to extend its footprint in the United State’s gambling market. They are very confident that they will be able to significantly improve the net cash flow from the two venues by redeveloping some of them and bringing in some of their operational techniques.