Eldorado acquisition of Caesars receives further approval

Eldorado’s acquisition of Caesars has received regulatory approval in Mississippi.

The Mississippi Gaming Commission has granted the US casino operator, Eldorado Resorts approval to proceed with its acquisition of Caesars Entertainment.

For the deal to go ahead, both Caesars and Eldorado required approval from the Mississippi regulator.

The deal was also approved by the Louisiana Gaming Control Board last month and Missouri’s gambling regulator back in December. Shareholders in both companies have also separately voted to approve actions associated with the merger and 99% of all votes made were in favour of the acquisition.

Merger details

In June 2019, Eldorado Resorts announced plans to acquire Caesars entertainment in a deal worth $17.3bn.

Eldorado has said it hopes to complete the acquisition during the first half of 2020, however, the deal is still subject to regulatory approvals in several US states.

If the deal goes ahead as planned, the combined business entity would own and operate approximately 60 casino resorts and gambling venues across 16 US states. These states include Arizona, Colorado, California, Illinois, Florida, Iowa, Indiana, Nevada, New Jersey, Kentucky, Ohio, Louisiana, Mississippi, Maryland, Missouri, Pennsylvania and North Carolina.

Another deal receives approval

The news of Eldorado and Caesar’s approval in Mississippi comes as the Australian Competition and Consumer Commission has approved the proposed merger between Flutter Entertainment and The Stars Group (TSG) last week.

Under the deal, Flutter will exchange 0.2253 new shares for each share of TSG. Flutter shareholders will own about 54.64% of shares in the new combined business while TSG shareholders will hold the remaining shares.

Once Flutter finalizes its purchase of TSG it will form a combined business with annual revenues of $4.7bn (£3.8bn). When the deal was made, Flutter said the merger would create the largest online gambling company on the planet.

Although the merger has been approved by the ACCC, Flutter and TSG must still gain approval from the Australian Foreign Investment Review Board and several other international regulatory bodies in the UK, US, Ireland and Canada.

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