At the height of the first wave of coroanvirus cases, shares of both Caesars and ERI plunged as investors fretted over turbulence in the high-yield bond market, fretting that the deal may not make it to the finish line in a recession. Reeg acknowledged the pandemic was taken into consideration when weighing the benefits of the deal.<\/p>\n
We started to look to ‘does this merger still make sense for us?’,\u201d said Reeg. \u201cWe had done a great of planning for integration by the time COVID hit. We had a great look into Caesars beyond what you get in your typical due diligence for a transaction.\u201d<\/p><\/blockquote>\n
Reeg said it became clear his company and Caesars were better off together than flying solo. He added that group bookings on the Las Vegas Strip are shaping up well for September, and that the largest US gaming center should rebound in the fourth quarter.<\/p>\n
Eldorado CFO Bret Yunker told NGCB members that the company plans to sell a Strip asset and two properties in Indiana when the deal is finalized. The Indiana Horse Racing Commission (IHRC) is already expressing concern<\/a> about ERI’s previously revealed arrangement to sell Hoosier Park and Indiana Grand to VICI Properties (NYSE:VICI). Under the terms of that agreement, it would be January 2022, at the earliest, before those race tracks are sold.<\/p>\n","protected":false},"excerpt":{"rendered":"The Nevada Gaming Control Board (NGCB) on Wednesday approved Eldorado Resorts Inc.’s (NASDAQ:ERI) $17.3 billion acquisition of Caesars Entertainment (NASDAQ:CZR). That marks the latest in a series of regulatory hurdles cleared by the regional operator in its quest to form the largest US gaming entity. The Federal Trade Commission (FTC) gave the green light to […]<\/p>\n","protected":false},"author":46,"featured_media":141255,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,32093],"tags":[],"acf":[],"yoast_head":"\n
NGCB Signs Off on Eldorado Takeover of Caesars<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n