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Home General News City of Chicago Getting a New Casino, Caesars/Eldorado Merger Talks Continue

City of Chicago Getting a New Casino, Caesars/Eldorado Merger Talks Continue

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A lot is happening in the world of land-based casino industry especially among the leading operators in the USA. What is even more, the city of Chicago is getting a brand-new casino and a third runner just joined the race by partnering with one federally-recognized tribe. The third runner just like the two remaining runners share hopes of being given all the necessary permissions to construct and eventually run the newest Chicago-based casino.

According to one report by the Chicago Tribune news outlet from several days ago, the Choctaw Nation has agreed on a business deal with the Cook County Matteson village. Thanks to this business agreement, the tribe could potentially receive the necessary license to run this new resort facility which will encompass a massive casino floor packed with more than two thousand gaming positions plus other features including a 36,000 square feet convention center and a luxurious two hundred-room hotel.

Choctaw Nation Operating Seven Casinos

The same news outlet reported that the federally recognized tribe Choctaw Nation of Oklahoma already manages seven land-based casinos located in Oklahoma including the Choctaw Casino Resorts Pocola and the Choctaw Casino Resort Durant. Moreover, it was reported that the tribe plans to partner with several other business ventures in order to bring a modern indoor golf facility to its nicely envisioned Chicago development.

The county’s officials agree that their community is probably the best place for the envisioned Chicago casino. It was also revealed the Choctaw Nation’s plan for the envisioned casino is slightly superior to the previously proposed plan by the neighboring Lynwood village. While the tribe hopes to be given the necessary license to construct and run an expensive gambling facility, it is facing rather stiff competition from rival plans including the plan proposed by the Poarch Band of Creek Indians tribe. The state of Illinois serves as home to ten casinos while it will soon become home to six more gambling venues which are planned for the cities of Rockford, Danville, Waukegan, and Chicago.

Eldorado/Caesars Merger Talks Return on the 15th of November

In the meantime, prominent casino operators Caesars Entertainment Corporation and Eldorado Resorts have announced that their officials will meet on the 15th of November to discuss the further merger steps. The main goal of this special meeting which takes place following month is to secure shareholders’ permission to continue with the proposed merger between the two companies.

As it was reported by Inside Asian Gaming, the companies will proceed by seeking full stakeholder authorization so that they can finalize the $17.3 billion-worth business agreement which would create the biggest casino operator in the states. If the shareholders of both companies come to the business deal, Eldorado Resorts Incorporate would be finally authorized to invest around $7.2 billion as well as hand over around 77 million of common shares to assume majority stakes in the Caesars Entertainment Corporation brand.

This business arrangement would also see the merged entity retaining the Caesars Entertainment Corporation’s brand name. It was also reported by Inside Asian Gaming that the business meetings will probably see the two Nevada-based companies’ shareholders asked to create a new board of directors with eleven board members consisting of five Caesars Entertainment Corporation representatives and six representatives from Eldorado Resorts Incorporated. It was also detailed that this new board of directors will probably see Thomas Reeg and Gary Carano joining Bonnie Biumi, Michael Pegram, Frank Fahrenkopf Jr, and David Tomick to run this newly created entity in partnership with Don Kornstein, Courtney Mather, Keith Cozza, Jan Jones Blackhurst, and James Nelson.

The talks about the merger between the two companies first emerged in June. The proposed plan would create the biggest casino operator in the USA responsible for more than seventy properties including Harrah’s Resort Southern California, Caesars Atlantic City Hotel and Casino and Bally’s Las Vegas among many other iconic properties.

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