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Senate President Steve Sweeney. Kevin Sanders for New Jersey Globe
Senate President Steve Sweeney. Kevin Sanders for New Jersey Globe

Sweeney concerned over Caesars buyout

Senate president says gaming regulators should watch the deal closely

By Nikita Biryukov, June 24 2019 1:26 pm

Senate President Steve Sweeney expressed concerns about a $17.3 billion buyout of Caesars Entertainment by Eldorado resorts.

“This is a significant purchase that could have a real impact on New Jersey’s gaming industry, Atlantic City’s economy and the livelihoods of casino workers and others whose jobs rely on the financial activity of the gaming sector,” Sweeney said. “At a time when the state’s gaming business and Atlantic City’s casinos are experiencing a strong comeback, we don’t want to allow the ongoing resurgence to be compromised by a deal that concentrates too much control in a national conglomerate.

Caesars owns three Atlantic City casinos — Caesars Atlantic  City, Harrahs and Bally’s.

Eldorado owns the Tropicana, meaning the combined firm, which will continue use the Caesar name but retain top leadership form the larger firm, will control four Atlantic City Casinos.

The buyout makes the firm the largest gaming conglomerate in the United States, with holdings stretching from Nevada to New Jersey.

“We should be just as concerned about the fate of individual casino workers and their families in Atlantic City as the stockholders are about their profits. The combined company will own 60 casino resorts across 16 states, but we need to look out for the impact on New Jersey,” Sweeney said. “Gaming regulators should be sure to thoroughly evaluate the consequences of this deal. I will be monitoring the progress of the transaction to make sure it serves the best needs of New Jersey and our workers.”

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