{"id":128370,"date":"2020-02-28T08:55:47","date_gmt":"2020-02-28T16:55:47","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=128370"},"modified":"2020-02-28T09:39:45","modified_gmt":"2020-02-28T17:39:45","slug":"eri-lands-another-approval-for-caesars-deal-as-maryland-comes-aboard","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/eri-lands-another-approval-for-caesars-deal-as-maryland-comes-aboard\/","title":{"rendered":"Eldorado Procures Maryland Approval For Caesars Takeover, Expects Deal Will Finalize Early Q2"},"content":{"rendered":"

Eldorado Resorts, Inc. (NASDAQ:ERI) has landed another state regulatory approval in its quest to acquire rival Caesars Entertainment Corp. (NASDAQ:CZR), as the Maryland State Lottery & Gaming Control Agency said Thursday it’s signing off on the deal.<\/p>\n

\"\"
Eldorado won approval for its Caesars buy in Maryland, where the latter operates Horseshoe Baltimore. (Image: Baltimore Sun)<\/figcaption><\/figure>\n

On a conference call with analysts Wednesday regarding the company’s fourth-quarter earnings report, Eldorado CEO Tom Reeg noted he expects the $17.3 billion transaction that will create the largest domestic gaming company will be finalized early in the second quarter<\/a>.<\/p>\n

ERI announced that at a meeting today (Thursday), the Company received approval from the Maryland State Lottery & Gaming Control Agency in connection with its pending acquisition of Caesars Entertainment Corporation, subject to customary conditions,\u201d according to a statement.<\/p><\/blockquote>\n

ERI has been accruing approvals for its Caesars acquisition at a steady clip this month. In addition to Maryland, Mississippi gave the green light for the takeover last week, with Pennsylvania and Iowa<\/a> having done so earlier in February.<\/p>\n

Easy Lift<\/h2>\n

As was the case with the Keystone State, ERI getting the go-ahead from Maryland regulators for the transaction was a relatively easy lift because the companies have no overlap in the Free State. ERI has no Maryland venues, while Caesars operates the Horseshoe Baltimore.<\/p>\n

\n

That property is part of a deal ERI struck with Vici Properties (NYSE:VICI) last June after announcing the Caesars takeover, whereby the real estate company has rights of first refusal to purchase<\/a> Horseshoe Baltimore and lease it back to the seller.<\/p>\n<\/div>\n

While Horseshoe Baltimore has recently scuffled against other Maryland casinos, the property could become an important piece for the combined ERI\/Caesars in the Mid-Atlantic region if the state approves sports betting, something voters there are largely divided on<\/a>.<\/p>\n

Important Comments<\/h2>\n

On the aforementioned conference call, Reeg noted that ERI will likely sell a property in Lake Tahoe and one on the Las Vegas Strip with the latter happening after the Caesars purchase is completed.<\/p>\n

Analysts and investors have widely expected those moves to take place with the MontBleu Resort, Casino and Spa in Lake Tahoe identified as a likely divestment in that market<\/a>. Reeg also said he doesn’t expect other asset sales to be necessary to gain various state regulatory approvals, potentially allaying concerns that the company would have to sell or close a venue on the Atlantic City, N.J. Boardwalk.<\/p>\n

Analysts, including Roth Capital’s David Bain, applauded Reeg’s clarity on approvals and asset sales following the call.<\/p>\n

\u201cCatalysts are either under way or near-term: 1) Real-time continuation of state regulatory approvals for the CZR merger leading to a growing base of buyside\/sellside models\/valuations to reflect consummation and forward synergies; 2) tangible, front-end loaded CZR synergy harvesting beginning early 2Q19 (a timeline management cited\/reiterated on yesterday\u2019s call); 3) monetization of sports betting assets, and 4) a Strip asset sale (and other non-core asset sales) all coupled with other value creating events we see taking place over the next 12-months,\u201d said Bain in a note provided to <\/strong>Casino.org.<\/strong><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

Eldorado Resorts, Inc. (NASDAQ:ERI) has landed another state regulatory approval in its quest to acquire rival Caesars Entertainment Corp. (NASDAQ:CZR), as the Maryland State Lottery & Gaming Control Agency said Thursday it’s signing off on the deal. On a conference call with analysts Wednesday regarding the company’s fourth-quarter earnings report, Eldorado CEO Tom Reeg noted […]<\/p>\n","protected":false},"author":46,"featured_media":128377,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,32093],"tags":[],"acf":[],"yoast_head":"\nERI Lands Another Approval For Caesars Deal as Maryland Comes Aboard<\/title>\n<meta name=\"description\" content=\"Eldorado Resorts landed another state approval for its $17.3 billion takeover of Caesars Thursday when Maryland signed off on the deal.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ERI Lands Another Approval For Caesars Deal as Maryland Comes Aboard\" \/>\n<meta property=\"og:description\" content=\"Eldorado Resorts landed another state approval for its $17.3 billion takeover of Caesars Thursday when Maryland signed off on the deal.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/eri-lands-another-approval-for-caesars-deal-as-maryland-comes-aboard\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-28T16:55:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-02-28T17:39:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/02\/horseshoe.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2048\" \/>\n\t<meta property=\"og:image:height\" content=\"1411\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/eri-lands-another-approval-for-caesars-deal-as-maryland-comes-aboard\/\",\"url\":\"https:\/\/www.casino.org\/news\/eri-lands-another-approval-for-caesars-deal-as-maryland-comes-aboard\/\",\"name\":\"ERI Lands Another Approval For Caesars Deal as Maryland Comes Aboard\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/eri-lands-another-approval-for-caesars-deal-as-maryland-comes-aboard\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/eri-lands-another-approval-for-caesars-deal-as-maryland-comes-aboard\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/02\/horseshoe.jpg\",\"datePublished\":\"2020-02-28T16:55:47+00:00\",\"dateModified\":\"2020-02-28T17:39:45+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Eldorado Resorts landed another state approval for its $17.3 billion takeover of Caesars Thursday when Maryland signed off on the deal.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/eri-lands-another-approval-for-caesars-deal-as-maryland-comes-aboard\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/eri-lands-another-approval-for-caesars-deal-as-maryland-comes-aboard\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/eri-lands-another-approval-for-caesars-deal-as-maryland-comes-aboard\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/02\/horseshoe.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/02\/horseshoe.jpg\",\"width\":2048,\"height\":1411,\"caption\":\"Eldorado won approval for its Caesars buy in Maryland where the latter operates Horseshoe Baltimore. 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