Caesars merger OK’d by Nevada commission; October completion expected

By Caroline Salls

Pittsburgh, Aug. 25 – Caesars Entertainment Corp. and Caesars Entertainment Operating Co., Inc. (CEOC) announced Friday that the Nevada Gaming Commission has granted the necessary regulatory approvals required for the merger of Caesars Acquisition Co. (CAC) into Caesars Entertainment and for the reorganization of CEOC.

According to a news release, the approval granted by the Nevada Gaming Commission follows the recommendation earlier in the month of the Nevada Casino Control Board.

In addition to Nevada, the companies have received approvals from gaming authorities in Illinois, Indiana, Iowa, Maryland, Mississippi, New Jersey and Pennsylvania.

Caesars Entertainment and CEOC said they continue to meet with regulators in Louisiana and Missouri where approvals are required for some aspects of CEOC’s restructuring.

“Gaining approval in our home state of Nevada is especially gratifying as we near the conclusion of CEOC’s restructuring process,” Caesars Entertainment president and chief executive officer Mark Frissora said in the release.

“I am optimistic about the future of our company and its continued growth and contributions in Nevada.”

The companies said stockholders of Caesars Entertainment and CAC have also approved the previously announced merger, as well as a number of other matters related to the restructuring of CEOC and its emergence from bankruptcy.

The merger is subject to customary closing conditions, including the completion of CEOC’s restructuring. CEOC’s restructuring is subject to the completion of the merger, financing activities and lease documentation and other customary closing conditions.

Caesars Entertainment said it currently expects the merger and CEOC’s restructuring to be completed in the first week of October.

Caesars is a Las Vegas-based casino-entertainment company that filed for bankruptcy on Jan. 15, 2015 in the U.S. Bankruptcy Court for the Northern District of Illinois. The Chapter 11 case number is 15-01145.

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