Eldorado Shreveport sold to Maverick Gaming for $230m

Eldorado Shreveport sold to Maverick Gaming
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Eldorado Resorts has agreed to sell its Shreveport, Louisiana property for $230m to Las Vegas-based Maverick Gaming.

 

The sale will help Eldorado clear a regulatory hurdle in its planned $17.3bn merger with Caesars Entertainment.

Eldorado CEO Tom Reeg, said last year that the company would need to sell a northern Louisiana property to avoid any federal antitrust issues.

“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,” Reeg said in a statement.

The merger with Caesars will give the company ownership of Horseshoe Bossier City and following the completion of the Caesars merger, Eldorado will operate five casinos in Louisiana.

Eldorado sold three casinos – two in Missouri and one in West Virginia – to Century Casinos and real estate investment trust VICI Properties for $385m in December.

The Reno-based firm is also in the process of selling two properties in Missouri and Mississippi to Twin River Worldwide Holdings for $230m.

“The continued evolution of the combined company should include further property sales in other markets, the largest of which should occur post-closing,” said Jefferies Gaming analyst David Katz. “Nonetheless, we believe there remains considerable value to be captured from the combined entity.”

Reeg had previously suggested that one of the three casinos owned by Eldorado and Caesars in Lake Tahoe, Nevada – most likely Montbleu Resort Casino and Spa – will be sold.


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