New Jersey Casino Control Commission Grants A Permanent Casino License To Eldorado Resorts

 

Eldorado Resorts gets a permanent license for its Tropicana Atlantic City Casino. The New Jersey Casino Control Commission approved the casino license after the matter was scheduled for hearing on Tuesday.

The permanent gambling and casino license comes after the Eldorado resorts already purchased the Tropicana AC’s parent company Tropicana Entertainment Inc. eight months ago. Eldorado purchased the company from activist investor Carl Icahn, who is also the single largest stakeholder in Caesars Entertainment Corp.

While the company had continued operations with an interim license, the permanent permission was granted after a two-hour meeting on Tuesday. Following the approval, the entry of Eldorado Resorts into the Atlantic City casino market is now official.

Tropicana is Atlantic City’s is second only to The Borgata Hotel Casino & Spa in terms of generating revenue.

While the Eldorado CEO, has welcomed the decision, the gaming commission officials are looking forward to contributions to be made by the gambling operator in terms of tax revenues.

In a recent report, it was also revealed that the Eldorado Resorts is in advanced talks with Caesars and is pursuing an acquisition deal. According to the reports, it is estimated that Caesars could get as much as $11 per share. Earlier the news of the possible deal being at an advanced stage was broken by Wall Street journal, following which, Caesars shares had jumped 8.4 percent to $9.90. Eldorado’s shares gained 2.5 percent to $51.