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Caesars Entertainment to Acquire William Hill for $4.03 Billion
Eldorado Unloads its Shreveport Casino to Maverick Gaming
January 18, 2020 TamaraTam
Eldorado Resorts continues to sell former Caesars properties. The latest decision of the forward-thinking operator is to hand over the Shreveport Louisiana venue to Maverick Gaming.
Official Statement
The decision was finalized this past Monday. After the completion of details, the property will gp to Maverick for a total amount of $230m. The conclusion of the transaction is expected upon the regulatory approval of local gaming authority.
The latest sale is one of Eldorado’s divestment steps as part of the deal with Caesars Entertainment Corporation. Both operators agreed to combine their operation and the deal waits for regulatory approval in the period. According to the words of Eldorado CEO, Tom Reeg:
“Sale of Shreveport casino is consistent with our continued focus on reducing debt”
Potential Issues
Cooperation between Eldorado and Caesars creates ongoing problems for regulators. Both enterprises hold six venues in the state of Louisiana, including Caesars’ Horseshoe Bossier City and Harrah’s Louisiana Downs, located in Bossier and famous as Shreveport’s sister city.
The Horseshoe Bossier property contributes with the larger amount to the Eldorado budget compared to the Shreveport casino. The Louisiana Downs, on the other hand, has similar results in a contribution to overall Eldorado revenues.
By acquisition of Shreveport Casino, Maverick makes another step in expanding its gaming presence in the United States. The provider recently acquired CC Gaming as well as several Colorado gaming properties. It also purchased Wizards Casino located in Washington.
Meanwhile, Eldorado makes obvious progress in operation. The company became the initial riverboat Louisiana casino which received permission to relocate its activity on dry land. The Louisiana Gaming Control Board allowed Eldorado to move its operations from the location of Isle of Capri (Westlake) to a land-based site near its current berth. Upon opening of the project, which is expected in 2021, the operator will gain additional gaming positions all around the region.
About Operators
Eldorado Resorts is a top-notch casino operator that holds twenty-six properties across the USA including slot chances, 750 table games together with 12,500 hotel rooms and 18,000 employees. The company has been in operation since 1973 while providing customers with exceptional gaming products.
Maverick Gaming, on the other hand, is founded by gaming professionals with more than 30 years of gaming experience. At the moment, the operator holds several US properties and will soon become acquire Red Lion Hotel & Casino. The operator’s catalog of games includes over 1,600 slot chances and 47 table games.
Source:
“Eldorado selling Shreveport casino to Maverick Gaming“, Peter Amsel, calvinayre.com, January 13, 2020.
This is another strategic movement for Eldorado casino which looks to reduce its spendings. At the same time, Maverick Gaming extends its gaming operation within the US which is promising for the company…