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NEWS 17 June 2019

Eldorado sells three properties to Century and Vici for $385m

By Matthew Enderby

Eldorado Resorts has agreed to sell its Mountaineer Casino Racetrack and Resort, Isle Casino Cape Girardeau and Lady Luck Casino Caruthersville properties for $385m.

Century Casinos has acquired the operating assets and Vici Properties has purchased the land and real estate assets.

Century will pay approximately $107m as part of the agreement, with Vici’s deal costing approximately $278m.

The transactions, subject to regulatory approvals and other customary closing conditions, are expected to close early in 2020.

Tom Reeg, Eldorado Resorts CEO, said: "The agreements to divest the properties are consistent with our continued force on optimising the results from our regional gaming platform, generating growth through strategic acquisitions and realising value through sales."

Early in June, reports surfaced suggesting a merger between Caesars Entertainment and Eldorado is edging closer.

The two casino operators opened M & A talks in March, with Caesars’ largest individual shareholder, Carl Icahn, strongly in favour of a Caesars sale.

It has been speculated Caesars could secure a deal where Eldorado pays over $11 per share, making the operator worth more than $7.4bn.

Eldorado’s property sales to Century and Vici could be seen as a way to increase capital in its bid to buy Caesars.   

RELATED TAGS: Land-Based | Industry | Mergers & Acquisitions | Financial | Casino
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