Caesars Merger with Eldorado Moving Forward
The Coronavirus outbreak has delayed the $17.3 billion deal between Caesars Entertainment and Eldorado Resorts, but the deal is moving forward. The anticipated closing of the $17.3 billion deal has been pushed from April to June.
The regulators in Indiana, New Jersey and Nevada still need to sign off on the deal but have postponed hearings. The merger also needs the approval of the Federal Trade Commission.
“The board is still investigating. The merger is going like any other merger. It’s just going through the process, which includes a normal investigation,” Nevada Gaming Commission Chair Tony Alamo said.
Eldorado and Caesars had anticipated closing in mid-April, but multiple sources said it now looks more like June. There has been widespread speculation that the Coronavirus pandemic will change the ways regulators view the debt associated with this deal. A highly placed source says both companies have the liquidity to last for well over a year.
