Eldorado Resorts last week was approved by the Pennsylvania Gaming Control Board to include Harrah’s Philadelphia, the Caesars Entertainment property in Chester, in the $17.3 billion merger between Eldorado and Caesars.
The merger requires approvals by regulatory agencies in 18 states and a sign-off by the Federal Trade Commission. Reno-based Eldorado’s management team will oversee the combined company.
Last month, the deal was approved by Pennsylvania State Horse Racing Commission, Regulators from Illinois, Iowa, and Louisiana have also approved the merger.
Harrah’s Philadelphia will be Eldorado’s first property in Pennsylvania.
In a statement, Eldorado said it expects the deal to close in the first half of 2020.
In November, Shareholders from Eldorado and Caesars overwhelmingly voted in favor of the gaming companies’ merger. Under terms of the agreement, Eldorado will pay $8.40 per share in cash and 0.0899 shares of Eldorado stock for each Caesars share, or $12.75 per share. The combined business will be called Caesars and its shares will be traded on the Nasdaq.
Once the deal closes, the combined company, which will be renamed Caesars, will be governed by a new 11-person board of directors.
