Eldorado's acquisition of Creve Coeur-based Isle of Capri approved

Elections are subject to proration such that isle common stock will be exchanged for an aggregate of 58 percent cash and 42 percent Eldorado common stock.

The companies held separate special shareholders' meetings Wednesday.

Holders of over 99 percent of the Eldorado shares that voted approved the company's issuance of shares of Eldorado common stock in connection with the acquisition; that represents about 85 percent of Eldorado's outstanding common stock, officials said.

Holders of more than 99 percent of the Isle shares that voted cast votes in favor of th deal, representing about 84 percent of Isle's outstanding common stock. Isle shareholders also approved, on an advisory basis, certain payments to executive officers in connection with the merger.

Eldorado expects $35 million in cost synergies in the first year following the merger. Gary Carano, Eldorado's chairman and CEO, said in a statement Wednesday that progress toward completing the transaction has included meetings with gaming regulators and the development of "detailed plans to optimize the operations of the combined company's properties."

“Today’s vote is an important step towards providing Isle of Capri shareholders with substantial and immediate value, as well as the opportunity to participate in the upside potential of the combined company through the transaction with Eldorado," Isle CEO Eric Hausler said in a statement.

Isle of Capri Casinos reported fiscal 2015 profit of $46.2 million on net revenue of $978.6 million.

Eldorado Resorts reported 2015 profit of $114.2 million on total net revenue of $901.5 million.