Eldorado Resorts (NASDAQ:ERI) and Caesars Entertainment (NASDAQ:CZR) are higher in early trading after both casino companies reported yesterday and gave a favorable update on the progress of the merger.
Eldorado execs indicated that a closing in late June or early July appears reasonable. A FTC approval on the Twin River deal and state approvals from Nevada, New Jersey and Indiana are still needed. The company is also confident on the synergy potential, cost savings targets and margin targets. Also of note, Eldorado CEO Tom Reeg stated Caesars was well-positioned in Las Vegas to succeed due to its lower mix of group business compared to peers.