Indiana Regulators to Discuss Caesars-Eldorado Deal in July

Indiana Regulators to Discuss Caesars-Eldorado Deal in July

Indiana gaming regulators plan to discuss the proposed takeover of Caesars Entertainment by Eldorado Resorts Inc. during their July meetings. This would put an end to a months-long delay of the $17.3 billion takeover deal.

Gaming Commission prepared

On Tuesday, news broke that the Indiana Gaming Commission (IGC) obtained an initial draft from an external analysts’ report on the planned takeover. The expert has intimated that the final version of the document will be ready in the next two weeks. The commission will share the report with the Indiana Horse Racing Commission (IHRC) as well, which is also required to give their opinion on the deal. This is because Caesars operates two racinos- Indiana Grand and Hoosier Park.

Indiana Regulators to Discuss Caesars-Eldorado Deal in July

Eldorado is based in Reno and has already received several approvals for its acquisition of Caesars from different states where the company operates. Only three states- New Jersey, Nevada, and Indiana are left to give their approvals on the subjects. Regulators in these states have either postponed or canceled meetings since March because of the coronavirus pandemic. They have now started meeting virtually but kept bigger topics like this mega acquisition for later.

What about other states?

While Indiana may discuss the plan in July, the New Jersey Casino Control Commission (CCC) hasn’t added the topic to its agenda yet. The CCC is meeting this week. The Nevada Gaming Control Board (NGCB) is also scheduled to meet this week but it won’t be discussing the takeover.

Eldorado was planning to close the deal by the end of the second quarter but constant delays from the regulators mean that it would have to wait for long. The gaming company is already stuck with a $2.3 million daily “ticking fee” because it wasn’t able to close the deal within nine months of the announcement. Analysts believe that this wouldn’t be too much trouble for the company because it would be built into the back-end of the transaction.

Industry experts believe that the purchase will ultimately sail through. Nevada doesn’t have concentration risks because Eldorado plans to sell a couple of Caesars properties on the Strip. In New Jersey, the risks could be altered because Caesars is chucking Bally’s. In Indiana, however, the company will control five venues.

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About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.

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