The pending merger between Caesars Entertainment Corporation and Eldorado Resorts has advanced another step with the announcement this week that the Federal Trade Commission (FTC) has accepted a proposed consent order, which concludes the FTC’s Hart-Scott-Rodino review of the transaction.
The FTC’s acceptance of the consent order satisfies all required antitrust clearances for the merger to proceed, albeit with further caveats to be met.
According to a statement from Caesars, the completion of the merger still remains subject to the satisfaction of other closing conditions. These include receipt of all consents and approvals from the Nevada Gaming Control Board, Nevada Gaming Commission, New Jersey Casino Control Commission, Indiana Gaming Commission and Indiana Horse Racing Commission.
Caesars CEO Tony Rodio confirmed the news, saying: “We are pleased that the FTC’s approval of our planned merger with Eldorado paves the way for securing the remaining consents and approvals from regulators in Indiana, Nevada and New Jersey.
All of us at Caesars are committed to completing the Merger, which is expected to create the largest US gaming company.”
Eldorado, which operates 23 properties across 11 US states, agreed last summer to acquire Caesars for $17.3bn in a deal comprising a combination of $7.2bn in cash and circa 77m Eldorado common shares. The proposed deal met with approval from shareholders of both operators in November 2019.