Eldorado Resorts has announced that the company was approved at a meeting on Tuesday by the Iowa Racing and Gaming Commission regarding its pending $17.3 billion acquisition of Caesars Entertainment Corporation.
The company has thus far been green-lighted in four states by five regulatory bodies. The agreement is expected to be completed in the first half of 2020 and is subject to all requisite regulatory approvals, as well as other closing conditions, being issued.
Racing and gaming administrator Brian Ohorilko said Reno, a merger of Eldorado based in Nevada with Caesars based in Las Vegas, will give the company two more Iowa properties. “Horshoe Casino in Council Bluffs and Harrah’s Casino in Council Bluffs. Eldorado currently owns two, Isle of Capri in Waterloo and Isle of Capri in Bettendorf. So, that will put Eldorado as the owner of four casinos in the state of Iowa,” Ohorilko said, as reported by KMA Land.
Eldorado and Caesars will have to get approval from regulatory bodies from all 17 states, including Nevada, where the merged company will operate. It’ll also need Federal Trade Commission approval.
The merger will make the resulting enterprise the country’s biggest. “Very, very big deal with respect to gambling in the U.S. This is a large merger between two viable companies,” Ohorilko said. He added Iowa’s approval to complete the merger is yet another step for the companies.
“The way the process works is Eldorado needs to receive regulatory approval prior to the transaction closing,” Ohorilko explained. “They are finishing those approvals up. It is our understanding there will be some more approvals in February –possibly some more that will creep into the second quarter.”
He said the process was made easier since there are already properties in Eldorado: “Eldorado is very familiar with Iowa rules, Iowa regulations and just Iowa’s business in general. They are a familiar entity, a familiar brand, and that quite frankly was part of the reason things went so smooth in receiving those regulatory approvals here in this state.”