Eldorado Resorts Inc. (Nasdaq: ERI) and MTR Gaming Group Inc. have merged, creating Eldorado Resorts Inc.
The combined company will trade on the Nasdaq Global Select Market under the symbol ERI. MTR's common stock will discontinue trading.
MTR was a gaming company that operates the Mountaineer Casino, Racetrack & Resort in Chester, West Virginia; Presque Isle Downs in Erie, Pennsylvania; and Scioto Downs in Columbus, Ohio.
Eldorado operates Eldorado Resort Casino and Silver Legacy Resort Casino in Reno, Nevada, as well as the Eldorado Resort Casino and Shreveport, Louisiana.
Under the terms of the deal, MTR Stockholders received one share of Eldorado common stock or $6.05 per each share of MTR common stock, up to $35 million. More than 75 percent of MRT stockholders ended up receive Eldorado common stock as part of the deal, the rest received cash.
Milbank Tweed Hadley & McCloy LLP was Eldorado's legal counsel. Macquarie Capital acted as MTR's financial adviser, while Stevens & Lee PC provided legal advice.
Other recent gaming deals include Scientific Games Corp.'s acquisition of Bally Technologies Inc., a maker of lottery games, for $3.3 billion in August. In July, Aristocrat Leisure Ltd. inked a $1.3 billion deal for Video Gaming Technologies Inc., a gambling-machine supplier.