Eldorado gets approval from 4th state to acquire Caesars

Eldorado Resorts announced that at a meeting Tuesday, the company received approval from the Iowa Racing and Gaming Commission in connection with its pending $17.3 billion acquisition of Caesars Entertainment Corporation.

So far, the company has been green-lighted by five regulatory bodies in four states. The transaction is expected to be completed in the first half of 2020 and remains subject to the receipt of all required regulatory approvals, and other closing conditions.

Racing and Gaming Administrator, Brian Ohorilko, said Reno, Nevada-based Eldorado merger with Las Vegas-based Caesars 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 gain approval from regulatory bodies from all 17 states in which the merged company will operate, including Nevada. It also will need approval from the Federal Trade Commission.

The merger will make the resulting company the largest in the country. “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 is one more step for the companies to complete the merger.

“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 Eldorado already has properties there: “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.”

Company officials said they don’t expect any changes in personnel with the merger.