The Federal Trade Commission last week gave its approval to the Caesars-Eldorado deal, valued at $17 billion. The OK was given after Eldorado sold two of its properties, the Montbleu in Lake Tahoe and the Eldorado Shreveport to Twin River Holdings for $155 million, a condition of the approval.
The FTC nod means that only three regulatory bodies, the gaming boards in Indiana, Nevada and New Jersey, need to be obtained before the deal goes through. Indiana is scheduled to hear testimony on July 10 but nothing has yet been schedules in Nevada or New Jersey.
The complicated deal was first announced in June 2019, but faced a lot of obstacles, including Covid-19. Eldorado CEO Tom Reeg has worked tirelessly to sell properties in competing markets to obtain regulatory approval and raised more than $7 billion to get the deal done.
The FTC approval wasn’t without its difficulties. The board approved it in a 3-1-1 vote, with one member absent. Dissenting member Rohit Chopra said he was concerned because the deal to sell Montbleu and Eldorado Shreveport wouldn’t close right away.
“I am concerned that the commission is rolling the dice with this complex settlement that will clearly not lead to an immediate restoration of lost competition,” Chopra said.
