Regional casino owner and operator Maverick Gaming announced a further addition to its expanding portfolio after signing an agreement to purchase the Eldorado Casino and Resort in Shreveport, Louisiana, for $230 million.
The deal is subject to regulatory approvals, concurrent or simultaneous completion of the previously announced merger between Eldorado and Caesars Entertainment Corporation and other customary closing conditions, and is expected to close by 2020.
Once the acquisition is completed, the Maverick portfolio will include 1,500 slots, 50 table games, over 400 hotel rooms and six restaurants.
“Maverick continues to bet on diversified economies as we expand our gaming portfolio,” Eric Persson, owner of Maverick Gaming. “The population in the Dallas market exceeds 7.5 million people, and Dallas encompasses the third-largest concentration of Fortune 500 companies in the United States.
“Maverick’s focus to date has been on the growing, vibrant and dynamic economies of Salt Lake City, Utah Seattle, Washington and Denver, Colorado. The company now adds Dallas to that list.”
The company plans to finance this deal mainly through cash-on-hand and funding from HG Vora Capital Management and Angelo Gordon, both private investment firms.
“HG Vora is an important financing partner for Maverick Gaming with deep experience in the gaming and lodging sector, and we are pleased to also begin a new strategic partnership with Angelo Gordon, a firm that brings a strong track record in providing innovative finance solutions,” added Persson. “We look forward to growing our portfolio over the near term in partnership with both investment firms.”
The sale forms part of Eldorado’s continuing focus on reducing debt in the first half of this year ahead of the planned closing of the Caesars deal.
This is followed by Colorado based Century Casinos bringing their portfolio of global assets to 18, encapsulating 7,185 gaming machines and 285 table games, after partnering with Vici Assets to win three Eldorado Resorts buys.
Century acquired for $107m the operations of Missouri’s Isle Casino Cape Girardeau and Lady Luck Caruthersville as well as West Virginia’s Mountaineer Casino, Racetrack and Spa, with the real estate investment company purchasing each for $278 m of property and real estate.