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Iowa Endorses Eldorado/Caesars Merger; Some Issues Still Possible
February 15, 2020 TamaraTam
From the first moment Eldorado and Caesars Illinois regulators that have recently authorized the transaction. Still, there could emerge some problems in the future, taking into consideration that Eldorado looks to obtain 51% of Caesars…
Sportsbook Operation
Eldorado/Caesars merger will raise the question of the sportsbook operation of the company. For these purposes, Eldorado has already ed forces with William Hill for 25 years, to transfer the sportsbook operation to the UK provider. Caesars, on the other hand, is responsible for its sportsbook activity and looks for possible solutions.
On this chance, Eldorado CEO Tom Reeg observed:
“We’re working on that as we speak. We’ve got to figure that out prior to closing. If we were to just close under the current of the agreement, William Hill steps into the Caesars sportsbooks on the same split as we got with them now.”
Present Situation
According to the information provided by Casino.org, Eldorado’s sportsbook operation in seven venues has been managed by William Hill. At the same time, Caesars has its own sportsbook activity while managing 29 properties within the USA. All these numbers can change drastically given the fact that operators would probably need to get rid of some properties to meet regulator requirements.
Meanwhile, executives at both companies look to complete the merger during the second quarter of 2020. However, it depends on regulators’ willingness to speed up the g process. Reeg added:
“There’s a lot of discussions to be had… there’s a lot of value that’s within Caesars, that’s within us, that’s within William Hill. Could we do something that’s more ambitious than just William Hill is running Caesars’ books? We’re examining that, and this is a logical time to try to figure it out.”
While expecting the rest of approvals, some problems could emerge with New Jersey authorization. Operators need to obtain more 14 approvals and the project should be finalized by the summer…
Source:
„Iowa approves Eldorado/Caesars merger, but questions remain“, calvinayre.com, February 5, 2020.
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Eldorado/Caesars merger is one of the biggest transactions in recent casino history. I think that idea should be approved by US states without any doubt…Both companies have worked very hard to meet all requirements and they have a bright future ahead of them…