Shareholders in Eldorado Resorts and Caesars Entertainment Corporation have given the green light at separate Special Meetings of Stockholders for Eldorado’s acquisition of Caesars to proceed.
In a statement to the market, it was noted that the transaction is expected to be consummated in the first half of 2020 and remains subject to the receipt of all required regulatory approvals, and other closing conditions.
Holders of over 99% of the Eldorado shares that voted on the issuance of shares of Eldorado common stock in connection with transactions contemplated by the merger agreement with Caesars cast their votes in favor, representing approximately 87% of Eldorado’s outstanding common stock as of the record date for the Eldorado stockholder meeting.
Simultaneously, holders of over 99% of the Caesars shares that voted on the merger cast their votes in favor, representing approximately 76% of Caesars’ common stock outstanding and entitled to vote as of the record date for the Caesars stockholder meeting.
Eldorado and Caesars stockholders also approved each of the other matters on their respective meeting agendas, including the Eldorado stockholders’ approval of the reincorporation of Eldorado from Nevada to Delaware subject to and promptly following the consummation of the merger.
The deal, said to be worth $8.58bn in cash-and-stock is expected to create the largest casino operator in the US. It is anticipated that Eldorado’s current management will run the combined company, which will operate under the Caesars banner with circa 60 casinos across 16 states.