A proposed merger between Eldorado Resorts and Caesars Entertainment has been approved by the Louisiana Gaming Control Board, which regulates all gaming activities within the jurisdiction.
The deal, estimated to be worth around 15 billion Euro, requires approval by 18 different regulators in the US as well as the Federal Trade Commission.
The Federal Trade Commission is an independent commission of the US government with its headquarters in Washington that protects consumers against unfair business practices through law enforcement.
Following the announcement by Eldorado at the start of this week to sell Eldorado Resort Casino Shreveport, it continues to downsize its gambling assets ahead of the merger.
Now that the deal has been approved, it looks likely that the merger will complete around June or July 2020.
In the merger deal, Eldorado Resorts will pay cash and shares of its stock totalling over 12 dollars for each Caesars share.
It is reported that when the deal closes half way through this year, it will be renamed Caesars and will consist of a new board of directors with over 10 members, 6 of which will transfer from the Eldorado board.
Getting approval from the Louisiana Gaming Control Board for the merger between Eldorado Resorts and Caesars Entertainment has been viewed as a vital and crucial step in to completing the deal.
Both companies currently operate gambling establishments in the state of Louisiana, including; racing track and racino Harrah’s Louisiana Downs and Eldorado Resort Casino Shreveport.