Acquisition of Caesars Entertainment postponed
Closing of Eldorado Resorts and Caesars Entertainment deal delayed by at least another month.
Eldorado Resorts Inc. won’t be able to close on the $17.3 billion acquisition of Caesars Entertainment Corp. this month as it hoped for. It could be at least another month before a possible closing.
Indiana, one of the three states yet to sign off, has shared that it will consider the transaction at its 10 July commissions meeting.
Approval by Nevada, New Jersey and the Federal Trade commission is also needed before the deal can close.
The announcement of the deal was made almost a year ago on 24 June. Progress was thought to slow down as casinos across the US closed in March in response to the spread of the coronavirus.
Despite closures, both parties have been active in reopening their properties as allowed by state government.
Eldorado has been selling some properties and stock to improve finances and avoid antitrust issues as it looks ahead to closing the deal.
Stock of Eldorado Resorts Inc was up 2.34 points and 5.74% at $43.13, while Caesar Entertainment Corporation Common Stock was up 0.26 points and 2.16% at $12.32 at yesterday’s closing of the NASDAQ.
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