Eldorado Resorts Obtains Permanent Operation License for Tropicana
For a casino to operate in any state legally, they must obtain licensing from the regulating body. In Atlantic City, it is the New Jersey Casino Control Commission that is in charge of licensing. Operators who have a casino in the region must have licensing within the state in order to offer services. Eldorado Resorts is a gaming and hospitality company with strong ties to the gaming industry that acquired the Tropicana casino in Atlantic City some eight months ago and is now seeking permanent licensing. The company was given an interim license in September and they are now seeking the new license.
Today, the Casino Control Commission reviewed the application of Eldorado Resorts and the goal for the company is to receive permanent licensing. Well, that goal was reached as the Commission has approved the application.
Eldorado Resorts acquired the casino almost eight months ago with a deal that closed at $1.85 billion. The company already operates in 12 states via casino hotels. The company has properties in Florida, Missouri, Colorado, New Jersey, Iowa, Indiana, Mississippi, Nevada, West Virginia, Illinois, Ohio and Louisiana.
With the Tropicana, the casino first opened back in 1981 on the Boardwalk of Atlantic City. The property has 2,400 hotel rooms for guests as well as slot machines and table games on the game floor. Visitors have access to a spa, dining options, entertainment complex and an IMAX theater.
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On top of the licensing approval, Eldorado Resorts has enjoyed a busy week. The company is rumored to be about to announce a merger with Caesars Entertainment Corporation. Media outlets are reporting that the two companies are that much closer to combing via a cash-and-stock deal.
The two companies announced merger talks had begun back in March and now it seems that the companies are getting closer to completing the deal. When Eldorado Resorts purchased Tropicana Entertainment they received the property from Carl Icahn. A 28.5% stake of Caesars had been amassed by Icahn which was absorbed by Eldorado Resorts. Analysts feel that the stake factor could play a large role in the deal between Eldorado and Caesars.
Such a merger would require both operators to obtain approval from gambling regulators and the competition authorities. The deal may be an issue for officials as Caesars already operates three casinos in the Atlantic City area. With the Tropicana included, this would make the company in charge of four casinos and they would have over 445 of the local market share.
It is believed that Eldorado and Caesars could be asked to sell properties in order to complete the deal.
For now, we know that Eldorado Resorts have been approved by the Commission and are ready for their new venture via the Tropicana Casino. It will be interesting to see how the company moves forward in the future, including if a deal is to be completed with Caesars.