LAS VEGAS - Harrah's Entertainment and Caesars Entertainment expect their high-profile merger to be completed this spring after providing the Federal Trade Commission with more documents related to the deal, the companies said Wednesday.
The joint announcement means the FTC could end its investigation in 30 days if the companies don't ask for an extension or if the FTC doesn't request more information.
The merger also needs approval from state gambling regulators, which is likely to come after the FTC signs off on the deal that would create the largest gambling company in the world.
In July, Harrah's agreed to buy Caesars for $1.8 billion in cash and to exchange about $3.4 billion in Harrah's stock for all shares of the company. Harrah's also will assume about $4.2 billion in Caesars debt.
The FTC requested more information in August. In Wednesday's joint statement, the companies said they were in "substantial compliance" with the FTC's requests.
Attorney Marc Schildkraut, a former FTC official who now specializes in mergers and antitrust litigation, said if the companies ask for an extension it could mean they're negotiating with the FTC or looking to sell more properties.
Caesars and Harrah's sold four casinos for $1.24 billion to help smooth the merger process.
MGM Mirage also is awaiting FTC approval after it agreed in June to purchase Mandalay Resort Group for $4.8 billion in cash, $2.5 billion in debt and $600 million in debentures.
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