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The FTC just voted to settle charges regarding an illegal casino merger agreement between Caesars and Eldorado. The proposed settlement is risky and will not immediately remedy the anticompetitive harm from the merger.
$CZR $ERI https://seekingalpha.com/article/4355588-eldorado-resorts-acquisition-of-caesars-entertainment-prove-disastrous
$CZR $ERI https://seekingalpha.com/article/4355588-eldorado-resorts-acquisition-of-caesars-entertainment-prove-disastrous
The settlement requires @EldoradoGaming and @CaesarsEnt to sell certain casinos to Twin River. A Wall Street hedge fund investor has started calling the shots in Twin River's boardroom, leading to many unanswered questions about what comes next. $TRWH
Most merger settlements require immediate divestitures of assets. But Caesars & Eldorado won't be able to, which adds uncertainty and could harm customers and workers.
The settlement even sets up a complex arrangement where the FTC will appoint casino property managers.
The settlement even sets up a complex arrangement where the FTC will appoint casino property managers.
The COVID-19 crisis is roiling the casino industry, putting jobs and regional economies at risk. This merger could lead to even more trouble. I am very concerned that the FTC's approach to buyers misses too many financial red flags.
My voting statement: https://www.ftc.gov/public-statements/2020/06/dissenting-statement-commissioner-rohit-chopra-matter-eldorado-resorts
My voting statement: https://www.ftc.gov/public-statements/2020/06/dissenting-statement-commissioner-rohit-chopra-matter-eldorado-resorts
