Eldorado secures Louisiana gaming authority’s approval for pending Caesars' acquisition
Eldorado Resorts announced last week that at a meeting held on Thursday, the casino operator received approval from the Louisiana Gaming Control Board (LGCB) in connection with its pending acquisition of Caesars Entertainment, subject to customary conditions.
The transaction is expected to be consummated in the first half of 2020 and remains subject to the receipt of all required regulatory approvals, and other closing conditions.
Eldorado had announced in June 2019 an agreement to merge with Caesars Entertainment for about $8.58 billion. Backed by activist billionaire and Caesars' biggest shareholder Carl Icahn, the deal would create the largest US gaming operator, the companies had said in a statement.
As the Nevada-based group prepares for the acquisition, Eldorado also announced Monday it ha entered into a definitive agreement to sell its resort and casino in Shreveport, Louisiana to Maverick Gaming for $230 million.
"The agreement to divest the Eldorado Shreveport is consistent with our continued focus on reducing debt ahead of the expected closing for the Caesars transaction in the first half of 2020," said Tom Reeg, chief executive officer of Eldorado.
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