Eldorado Resorts agrees to sell property for $230M

The Eldorado Resort Casino Shreveport features 400 guestrooms, five restaurants, 1,400 slot machines, 50 table games, two nightclubs and a spa. Photo credit: Eldorado Resorts

Eldorado Resorts entered into a definitive agreement to sell the Eldorado Resort and Casino in Shreveport, La., to Maverick Gaming for $230 million in cash, subject to a working capital adjustment. The property features 400 guestrooms, five restaurants, 1,400 slot machines, 50 table games, two nightclubs and a spa.

The transaction is subject to regulatory approvals, the prior or concurrent closing of Eldorado’s previously announced merger with Caesars Entertainment Corp. and other customary closing conditions. It is expected to close in 2020.

Related Story: Eldorado, Caesars stockholders vote to approve merger

“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,” Tom Reeg, CEO of Eldorado Resorts, said in a statement.

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

Macquarie Capital is acting as exclusive financial advisor and Milbank LLP is acting as legal counsel to Eldorado in connection with the proposed transactions.

Eldorado Resorts owns and operates 23 properties in 11 states. In aggregate, its properties feature approximately 24,800 slot machines, video lottery terminals and e-tables, approximately 820 table games and more than 11,800 hotel rooms. The company plans to merge with Caesars in the first half of 2020.

Suggested Articles

During the final day of AAHOA’s online conference, several owners gathered to discuss how their properties are handling the crisis. 

The dual-brand development is located on the Tempe campus of Arizona State University near athletic facilities and the planned multi-sports arena.

Full recovery in U.S. hotel demand and room revenue remains unlikely until 2023 and 2024, respectively.