New Jersey Officially Approved Eldorado-Caesars Deal
Recently updated on July 20th, 2020
For over a year, two firms have been working together to join forces and become the biggest casino operator in the state. It’s been a very long, frustrating journey for Eldorado Resorts and Caesars Entertainment. Luckily, it looks like the deal is now complete. New Jersey officially approved the Eldorado-Caesars deal; the last green light needed for the companies to merge. The champagne is now flowing over in the Nevada state. Today, we look at what led to New Jersey’s approval.
The Timeline of the Eldorado Resorts-Caesars Merger
Eldorado Resorts has been the most powerful casino companies in the United States. It’s grown significantly over the years and owns property in different states.
It’s the biggest merger between two casino companies in history. For the deal to go through, firms needed to get approval from the various gambling commissions in the states that they operate in. The FTC also wanted to approve the deal to ensure this business does not form a monopoly.
Company officials began working to gain approvals. Many properties had to be sold. Eldorado and Caesars were doing what was then required and the companies continued to get the green light from dissimilar gaming commissions.
In late June, the FTC officially approved the Eldorado-Caesars deal. Only three more states were needed to sign off on the deal for it to be complete. Nevada gave a thumb up and a few days later, Indiana also did the same.
New Jersey Finally Agrees to Permit the Eldorado-Caesars Deal
It wasn’t a surprise to see the states take so long to approve the deal. Once it’s finished, Eldorado-Caesars will then become the country’s most powerful gaming company. Commissions want to do everything that they can to ensure things are fair for the other casino firms that are operating in their territory.
New Jersey, took time to give the green light. It forced numerous property sales in Atlantic City. Commission officials also met on many occasions to discuss the influence that this join will have on the state’s casino industry.
Will the Deal End Up Paying Off for Eldorado Resorts?
When Tom Reeg agreed to purchase Caesars Entertainment, he had a much different idea of what this week would be looking like. At the beginning of 2020, the casino industry was rolling and most felt things would continue on that path for more years to come.
Casinos around the country begun to reopen. Some since had to close down due to a spike in Covid-19 cases. Many casinos are now being forced to lay off thousands of their employees.
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