MTR Gaming stockholders approve Eldorado merger
US horseracing and casino operator MTR Gaming Group has announced that its stockholders have approved a merger agreement with Eldorado HoldCo, the parent company of US gaming property operator Eldorado Resorts.
Under the deal, MTR and Eldorado will become wholly-owned subsidiaries of Eclair Holdings Company, which in turn will be renamed Eldorado Resorts Incorporated.
The final approval from MTR stockholders satisfies one of the conditions of the proposes transaction.
The agreement, which has also been approved by West Virginia and Louisiana, still remains subject to various conditions and approvals such as final regulatory approvals from regulators in Nevada, Ohio and Pennsylvania, registration and listing of ERI shares and customary closing conditions.
“We believe upon closing of the mergers that the new Eldorado will create greater long-term value for all stakeholders through an expanded and diversified gaming portfolio,” MTR president and chief operating officer Joseph Billhimer said.
Gary Carano, president of Eldorado Resorts, added: “When completed, this transaction will create a new gaming company with a diversified portfolio and the financial flexibility to capitalise on future growth opportunities.
“It is an exciting time for Eldorado and MTR, our collective team members, stakeholders and valued customers.”