Deal done
Bally’s Corporation announced that it has completed its acquisition of the Eldorado Resort Casino Shreveport. The casino company, formerly known as Twin River Worldwide Holdings, bought the property for $140m from Caesars Entertainment. The purchase was primarily funded with cash, as well as with borrowings from a revolving credit facility.
Because of its August merger with Eldorado Resorts, Caesars had to sell a number of its properties across the United States to keep state regulators happy. This Louisiana casino was one of those required sales.
the latest step in our ongoing portfolio diversification strategy”
Speaking about the completion of this purchase was Bally’s Corporation CEO and president, George Papanier. He said: “Eldorado Shreveport represents the latest step in our ongoing portfolio diversification strategy, expanding our rapidly growing geographic footprint into the attractive Shreveport/Bossier City market.”
Papanier went on to note that the property is a good fit for the Bally’s brand and that the company will look to improve the casino’s revenues and overall growth going forward.
Aggressive growth strategy
Following the completion of the Eldorado Shreveport acquisition, Bally’s Corporation now owns and operates 11 casinos in seven states. It also has off track betting licenses and a racetrack in Colorado. Across its casinos, there are more than 13,200 slot machines, 2,941 hotel rooms, and 459 table games.
The company is also in the process of buying three other casinos: Tropicana Evansville in Indiana, Jumer’s Casino & Hotel in Illinois, and the MontBleu Resort Casino & Spa in Nevada. The COVID-19 pandemic has not stopped the casino company from aggressively expanding across the United States in 2020.
Caesars selling properties
As well as the casino in Shreveport, Caesars Entertainment also had to sell its Belle of Baton Rouge riverboat hotel-casino and Harrah’s Louisiana Downs Casino and Racetrack in the state. Following the sale of these three properties in Louisiana, Caesars will still own the Isle of Capri Lake Charles, Horseshoe Bossier City, and Caesars New Orleans.
Another state where Caesars had to offload casinos was Indiana. The Indiana Gaming Commission gave the merger its approval subject to Caesars selling three of its five casinos in the Hoosier State by the end of 2020. It already sold the Tropicana Casino in Evansville for $480m to Bally’s Corporation in October.
The company also just announced on Thursday that it has sold Caesars Southern Indiana Casino to the Eastern Band of Cherokee Indians for $250m. For the third required sale, the Indiana Gaming Commission granted the operator an extra year to sell the Horseshoe Hammond Casino because of the COVID-19 pandemic.