Eldorado Sells Louisiana Casino Ahead Of Caesars MergerEldorado Shreveport Sold To Maverick Gaming For $230 Million |
|
Eldorado Resorts announced Monday that it sold one of its Louisiana casinos in anticipation of finalizing its Merger with Caesars Entertainment.
According to the Reno Gazette Journal, Eldorado sold the Eldorado Shreveport Resort and Casino to Maverick Gaming for $230 million. The final number is subject to approval from regulators and is subject to a working capital adjustment.
“The agreement to divest the Eldorado Shreveport is consistent with our continued focus on reducing debt ahead of the expected closing for the Caesars transaction in the first half of 2020,” said Eldorado CEO Tom Reeg in a statement.
The Reno-based Eldorado is continuing its trend of downsizing its casino portfolio in anticipation of the merger. Last June, the company sold three casinos in West Virginia and Missouri. With its latest sale, the company still owns 23 properties in 11 different states.
Caesars and Eldorado announced its merger last June in a deal worth $17.3 billion, creating the largest gaming company in the country. As part of the deal, Eldorado took on all of Caesars’ outstanding debt.
It has yet to be finalized by regulators. Assuming the deal is approved, and there are no reports that it won’t be, Eldorado will have a 51 percent controlling interest in the new company. If nothing changes between now and the finalized deal, the new Caesars Entertainment would own more than 70 properties.
Reports from last year, however, indicated that Caesars would likely sell some of its properties on the Las Vegas Strip to in anticipation of monopoly concerns from regulators. Those rumors have yet to come to fruition.
Copyright © 2001-2024
CardPlayer.com. All rights reserved.
