Twin River to acquire trio of Caesars and Eldorado casinos

Twin River Worldwide has struck an agreement to acquire Eldorado Resorts properties in Louisiana and Nevada, and Caesars Entertainment’s Bally’s Atlantic City.

The agreement with Eldorado sees it take over the Eldorado Shreveport Resort and Casino in Louisiana and the Mont Bleu Casino Resort & Spa in Lake Tahoe, Nevada for a purchase price of $155m.

Eldorado had previously agreed to sell the properties to Maverick Gaming, but said these agreements had been terminated as a result of the Twin River deal, with the deposits paid by the original acquirer now returned.

Each deal remains subject to Eldorado completing its acquisition of Caesars Entertainment, and subject to Federal Trade Commission clearance, each is expected to be completed in the first quarter of 2021.

“The agreement to divest Shreveport and MontBleu to Twin River Worldwide Holdings is consistent with our continued focus on closing the Caesars transaction in the first half of 2020,” Eldorado chief executive Tom Reeg said.

The $25m deal for Bally’s Atlantic City, struck with Caesars and Vici Properties – a real estate investment trust (REIT) spun off from the operator in 2017 – covers certain assets and the property on which they are operated. Twin River will also acquire the license to build a sportsbook and launch online betting and gaming from the property. That deal is expected to be finalised late in 2020, or early 2021.

“We look forward to the reopening of Bally’s Atlantic City as soon as appropriate once the public health emergency related to COVID-19 has passed,” Caesars CEO Tony Rodio commented. “We appreciate Twin River’s commitment to this property, which has a great future ahead under its stewardship.”

Read the full story on iGB North America.