Eldorado Resorts just got the permanent license for its facility in New Jersey. The venue is the Tropicana Atlantic City Casino and it finally got the official approval. The New Jersey Casino Control Commission gave the license after its hearing on Tuesday. The permanent casino and gambling license comes after the purchase of the casino. Tropicana Entertainment Inc. is the buyer in a deal that took place eight months ago.
Eldorado bought the venue from the investor Carl Icahn. He is also the biggest stakeholder in another huge casino operator, the Caesars Entertainment Group. The company kept up with its operations thanks to an interim license and continued to offer their casino services. Now, after a two-hour meeting on Tuesday, the operator got permanent permission. With this approval, the entrance of the Eldorado Resorts into the casino market of Atlantic City is officially concluded.
The newly licensed casino is a massive facility when it comes to its financial potential. In fact, Tropicana comes second only to the huge The Borgata Hotel Casino & Spa in Atlantic City in terms of revenue. The management of Eldorado welcomed the casino commission decision, clearly expectant about the venues earning potential. Yet, the competition in this city remains fierce.
It is enough to point out what Ocean Casino Resort when through in the recent year. In many ways, this is indicative of the entire casino gambling market. However, the potential of the Atlantic City market remains a strong interest to all US operators. The local and state government is also interested in this potential, but from the taxation perspective. As for Eldorado, the operator is also pursuing additional acquisition possibilities.
Recent reports show that the casino operator is in discussions with Caesars Entertainment about one such potential deal. According to the reports, in that case, the Caesars would get about $11 per share. The Wall Street Journal stated that the deal already in advance state. When the news broke, the stock market reacted to it quickly. The share price of Caesar’s jumper for about 8.4 percent. Currently, it stands at $9.90 for one share.
The same happened to Eldorado as well. The operators’ share price saw a 2.5 percent rise, leading to $51. The finalization of the discussions is still far off, but the stock market is appreciative of the rumors nonetheless.
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