Indiana Gaming Commission Green lights Caesars Acquisition

Indiana Gaming Commission Green lights Caesars Acquisition

The Indiana Gaming Commission (IGC) unanimously green-lighted the acquisition of Caesars Entertainment by Eldorado Resorts Inc. However, the entity will have to drop three casinos from its portfolio within the state.

New requirements for the company

The company will have to sell three of its properties in Indiana by the end of the year. It will also have to agree to maintain the employment levels at the remaining casinos for the next three years. The staff at IGC will be working closely with Eldorado to ensure that the language in the agreement includes all workers that have been currently furloughed at the properties.

Indiana Gaming Commission Green lights Caesars Acquisition

The Friday vote of the IGC will bring the company one step closer to the $17.3 billion deal which will allow the new company to control Tropicana Evansville, Caesars Southern Indiana, and Horseshoe Hammond. The transfer of Harrah’s Hoosier Park and Indiana Grand racinos was also confirmed. However, these two properties will still require the approval of the Indiana Racing Commission (IRC). It will be a meeting on Monday to discuss the acquisition. The deal has to go through yet another regulatory hurdle in New Jersey where the New Jersey Casino Control Commission will decide the fate of the transaction later this week.

Which casinos will be let go?

The company will likely sell Southern Indiana casinos. The sale of two properties in the region will put the new company at a 40% market share. However, this market share figure is based on the assumption that there will be a new casino in Terre Haute, and Gary boats will be moved to a larger facility inland. The names of the two properties to be sold are still unclear. However, it appears that Caesars Southern Indiana and Tropicana Evansville will be the two properties that will be sold.

The new company will be led by Eldorado CEO Tom Reeg. Eldorado shareholders will hold a 56% share in the new entity. Reeg said that selling is a very difficult task in the time of the pandemic, given the competitive situation in the market. He noted that he is not optimistic about the course of things.

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.