Blank Rome Secures Final Regulatory Approval for Biggest Gaming Deal in History
A Blank Rome team successfully obtained the final regulatory approval for the largest gaming deal in U.S. history on behalf of our client, Eldorado Resorts, Inc. (now Caesars Entertainment, Inc.), in completing its $17 billion acquisition of Caesars Entertainment Corporation (“CEC”). The merger was announced on July 17, 2020, and effectively creates the largest casino and entertainment company in the United States, with Caesars now owning and operating more than 55 casino properties worldwide, including an iconic portfolio of eight casino hotel properties on the Las Vegas Strip. The combination of CEC and Eldorado will also further solidify Caesars Rewards as the largest and most rewarding loyalty program in the industry with over 60 million members.
The Blank Rome team handled the regulatory approvals in Pennsylvania, Maryland, and the final contested hearing before the NJ Casino Control Commission in July, due in part to the NJ Division of Gaming Enforcement’s lack of endorsement of the deal. After three days of hearings via Zoom, the NJ Casino Control Commission voted unanimously to approve the merger and the associated relief necessary to close this transaction. Blank Rome also provided support for the transaction to close.
For more information on this transformative merger, please read Eldorado Resorts and Caesars Entertainment Complete Merger (press release, July 20, 2020).
The Blank Rome team was led by Stephen Schrier, Co-Chair of the Firm’s Gaming group, with support from an interdisciplinary group of attorneys from across the Firm.
This significant deal was featured in Eldorado Resorts INC’s $17 Billion Acquisition of Caesars Entertainment Corporation (Lawyer Monthly Magazine, September 2020).