Eldorado Resorts, Inc. got approval on Wednesday from Pennsylvania gaming regulators to proceed with their planned purchase of Caesars Entertainment Corporation

by Administrator

Eldorado Resorts, Inc. got approval on Wednesday from Pennsylvania gaming regulators to proceed with their planned purchase of Caesars Entertainment Corporation.

That’s a low hurdle, given the only property owned by Caesars in PA is Harrah’s Philadelphia Casino & Racetrack in Chester, Delaware County. The property is not technically owned by Caesers, but by a real estate investment trust. However, Caesars operates the property under a lease-back agreement.

Approvals by additional jurisdictions and the feds are still pending.

CHANGES LIKELY MINOR IN PA, BUT COULD BE SIGNIFICANT IN NJ

For instance, in Atlantic City, an issue of undue economic concentration that would need to get addressed first is a possibility. The corporate Caesars and Eldorado together own Bally’sHarrah’s, and the Tropicana, in addition to a Caesars property.

Eldorado hopes to close “in the first half of 2020,” according to their announcement. The value of the deal is $17.3 billion.

But the planned sale should trigger changes, such as finally bringing an online sportsbook for Harrah’s in Philly and other Caesars properties, according to a gaming industry consultant

https://www.playpennsylvania.com/pa-gaming-approval-eldorado-caesars-merger/with experience in PA and New Jersey.