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NEWS 11 July 2019

Eldorado selling two properties to Twin River in $230m deal

By Tim Poole

Eldorado Resorts will sell two of its properties to Twin River ahead of its $17.3bn acquisition of Caesars Entertainment.

Raising $230m in cash, the casino operator has reached definitive agreements to sell Isle of Capri Casino Kansas City in Missouri and Lady Luck Casino Vicksburg in Mississippi.

The transaction is subject to regulatory approvals and is expected to be completed in early 2020, with the funds used by Eldorado for "general corporate purposes," including the Caesars purchase.

The sales may also assist with the acquisition by qualming potential regulatory concerns over the new company's size, as well as the overall competitiveness of the market.

Further deals should still occur, with CEO Tom Reeg previously confirming the operator will consider selling properties on the Las Vegas Strip.

Golden Nugget owner Tilman Fertitta, who bought 4.5 million Caesars shares earlier this year, said he would be "100% interested" in purchasing "one or two" such properties.

RELATED TAGS: Land-Based | Casino | Financial
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