The Eldorado Resort and Casino in Shreveport is being sold for $230 million to Las Vegas-based Maverick Gaming LLC, a mostly regional casino operator that has been acquiring small casinos recently.
The Shreveport casino is being sold by Reno, Nevada-based Eldorado Resorts Inc., a publicly traded company that is slated to acquire Caesars this year in a multibillion-dollar deal.
“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," said Tom Reeg, chief executive officer of Eldorado.
Eldorado also owns and operates the Belle of Baton Rouge and Isle of Capri Casino Hotel in Lake Charles. Once the deal to acquire Caesars closes this year, Eldorado will own Harrah's land-based casino in New Orleans as well. Caesars' other properties in the state are Harrah's Louisiana Downs in Bossier City and Horseshoe Bossier City. The combined Eldorado and Caesars expects to save $500 million in the first 12 months after the deal closes this year as they integrate operations.
Eldorado's Shreveport deal with Maverick is pending a "working capital adjustment" and regulatory approvals, according to the companies.
During November, Eldorado's Shreveport casino took in $8.7 million in winnings, down 9.5% from $9.6 million for November 2018, according to the Louisiana Gaming Control Board's latest report.
In the Shreveport-Bossier City market overall, which has the most riverboats of any market along with the Harrah's Louisiana Downs track, winnings were up 3.1% to $54.7 million in November 2019 from a year earlier.
Eldorado Casino Resort in Shreveport has more than 1,200 employees, according to its LinkedIn profile.
Maverick Gaming's deal to acquire the Eldorado resort is the company's first venture into Louisiana. Eric Persson is its majority owner.
The company previously acquired CC Gaming LLC in December 2019, which included Z Casino, Grand Z Casino Hotel, Johnny Z's Casino and Z Stop Convenience Store and Gas, all in Colorado. Those properties combined have more than 1,500 slot machines, 20 table games and 119 hotel rooms. The acquisition was funded by New York-based HG Vora Capital Management, a private investment firm founded in 2009 led by Parag Vora.
HG Vora is a hedge fund that once held a nearly 5% stake in Caesars and was seeking to persuade the company to sale itself in September 2018.
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