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Eldorado, Isle of Capri merger clears 1st regulatory hurdle

The West Virginia Lottery Commission granted Eldorado Resorts Inc. approval for its pending buyout of Isle of Capri Casinos Inc., marking the first regulatory clearance for the roughly $1.7 billion deal.

Under the merger deal, Eldorado will acquire all of Isle of Capri's outstanding shares, for a per-share consideration of $23 in cash or 1.638 Eldorado common shares.

The transaction, which is expected to be completed during the second quarter of 2017, remains subject to other regulatory approvals, shareholder approvals from both parties and other normal closing conditions.