Eldorado Resorts And Caesars Entertainment File Joint Petition With NJ Gaming Over Proposed MergerRegulators In Garden State Could Approve Merger By January |
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In the state of New Jersey, Eldorado Resorts and Caesars Entertainment filed paperwork for state regulators to approve their proposed merger.
Early last month, the two casino giants filed a joint petition to the New Jersey Division of Gaming Enforcement. With the petition filed, the state regulators can now begin their investigation into the company.
According to the Press of Atlantic City, the regulators could make a decision on the $17.3 billion deal as early as January.
The shareholders from both companies will meet on Nov. 15 to vote on the deal internally. Once that hurdle is cleared, then the DGE can finish their investigation. Finally, the state’s casino control commission will consider the petition.
Eldorado currently owns Tropicana Atlantic City, while Caesars owns Harrah’s Bally’s and Caesars Atlantic City.
The merger would create the largest gambling company in the country. It would own four of the nine Atlantic City casinos, employ 40 percent of the industry in the state and make up about 37 percent of the gross gaming revenue.
It is possible that the new company, which will still be referred to as Caesars, would sell a New Jersey casino or two in an effort to lessen its footprint on the market to appease regulators.
In June, just a week before the merger was announced, Eldorado sold three casinos in West Virginia and Missouri. The following month, there were rumors that Caesars was expected to sell one of its Las Vegas Strip properties in preparation for the merger.
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