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Shreveport Casino and the Eldorado Resort to be sold for $230 million


Shreveport Casino and the Eldorado Resort to be sold for 230 million

The Shreveport Casino and the Eldorado Resort of Nevada-based Eldorado Resort Inc. is being sold for $230 million. The Eldorado Resort and Casino in Shreveport is being sold to Las Vegas-based Maverick Gaming LLC, a mostly regional casino operator that has been buying small casinos recently.

The Eldorado Resort Inc. has been known to acquire Caesars this year in a multibillion-dollar deal. The chief executive of Eldorado, Tom Reeg said, “The agreement to divest the Eldorado Shreveport is consistent closing for the Caesars transaction in the first half of 2020.”

Apart from the resort and casino, Eldorado also owns and operates the Belle of Baton Rouge and Isle of Capri Casino Hotel in Lake Charles.  As soon as the deal to buy Caesars closes in the upcoming months, Eldorado will also become the owner of Harrah’s land-based casino in New Orleans.

Other properties of Caesars’ in the states are Harrah’s Louisiana Downs in Bossier City and Horseshoe Bossier City. Once the deal closes this year, the combined Eldorado and Caesars expects to save $500 million in the first month as they integrate operations.

According to both the companies, Eldorado’s Shreveport deal with Maverick is pending a “working capital adjustment” and regulatory approvals.

According to the Louisiana Gaming Control Board’s latest report, Eldorado’s Shreveport casino in the month of November took in $8.7 million in winnings, down 9.5% from $9.6 million for November 2018.

Winning were up 3.1% to $54.7 million from a year earlier, during November 2019 in the Shreveport-Bossier City market overall, which also has the most riverboats of any market along with the Harrah’s Louisiana Downs.

According to their LinkedIn profile, Eldorado Casino Resort in Shreveport has more than 1,200 employees. However, now the company Maverick Gaming’s deal to acquire the Eldorado resort, is their first venture into Louisiana, the majority of whose owner is Eric Person.

The company previously held the ownership of CC Gaming LLC in December 2019, which included Z Casino, Grand Z Casino Hotel, Johnny Z’s Casino and Z Top Convenience Store and Gas, all in Colorado. If you combine all those properties you will know that they have more than 1,500 slot machines, 20 table games and 119 hotel rooms.