Eldorado Resorts sells Louisiana casino to Maverick Gaming
The company continues to lighten its load ahead of the merger with Caesars Entertainment
Another brick-and-mortar casino will be changing owners at some point during this present year. Nevada-based Maverick Gaming just closed a deal to purchase Eldorado Resort Casino in Shreveport, Louisiana after Eldorado accepted the offering, for which it will be paid $230 million in cash, subject to adjustments in working capital. This new acquisition is part of Eldorado’s selloff ahead of the $17.3-billion merger with its rival, Caesars Entertainment Corp.
A month ago, Maverick finished purchasing all the assets – gaming and non- gaming assets from CC Gaming, the largest casino operator based in Colorado. That purchase gave it Z Casino in Black Hawk, Grand Z Casino Hotel and Johnny Z’s Casino in Central City and the Z Stop Convenience Store and Gas in Golden to fatten its portfolio. Now, this new property will give it another 1,500 slot machines and several table games to add to the current offering. The deal hinges on approval by regulators, normal closing conditions and the successful marriage between Eldorado and Caesars.
Eldorado CEO, Tom Reeg, commented on the deal by saying that the decision is “consistent with our continued focus on reducing debt ahead of the expected closing for the Caesars transaction in the first half of 2020.” The reduction is part of a larger plan that has been seen as a virtual requirement for Eldorado to successfully be approved to take control of Caesars’ assets.
Provided there aren’t any speedbumps along the way, Maverick is expected to officially take possession of the new casino sometime this year.