According to rumours, the man who’ll most likely get the CEO job after the Caesars and Eldorado merge is complete is Tom Reeg. And recently we’ve learned that Eldorado’s main man received a notice to appear in court in a case that involves 2 of his Eldorado colleagues, James Hawkins, and Gary Carano.
As we understand, this came to light after the US Securities and Exchange Commission (SEC) investigated a possible probe into trading in a company owned by the Eldorado board members. The company who’s getting unwanted attention is IRadimed. IRadimed is a company that specializes in magnetic resonance imaging. So, it really has nothing to do with the casino industry. But since Hawkins was the director in this public company, eyebrows are rising. Yet, according to sources, this shouldn’t be a surprise for, Eldorado. After all, Caesars informed them about the SEC’s witness summons last June.
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SEC’s due diligence
As far as the report goes, there aren’t any criminal allegations in connection to the IRadimed trade yet. So, this means that there shouldn’t be any problem for the Eldorado and Caesars $17.3 Billion deal to go through.
But for the deal to be official, the Casino Control Commission (CCC) still needs to give it the green light. And yet that green light is pending even if the CCC met up on September 4th. Well, maybe the CCC’s October 2nd meeting will have a different outcome for the group. But to be sure we’ll have to wait for their next agenda to go public.
Other deals on ice
In related news, we’ve learned that Caesars major expansion plans are also on ice for now. Indeed, Caesars $8 Billion development project in Greece, is no longer on the company’s agenda. Apparently, this is mostly due to the red tape around the transformation of the out of service airport into a Casino. The company has also pulled out of a deal in Japan. But maybe this is to better focus on New Jersey…