The parent company of the Belle of Baton Rouge has reached an agreement with an international online gambling company that opens the door for internet betting on sports, poker and casino games, if the Legislature votes to allow it.
Eldorado, which owns 27 casinos across the country, also operates the Eldorado Resort in Shreveport and the Isle of Capri in Lake Charles.
Eldorado Resorts announced the deal with The Stars Group on Monday. The Stars Group will issue Eldorado $25 million in company stock, with an option for $5 million more shares if certain, undisclosed conditions are met. Eldorado also will be able to buy more shares of Stars Group stock beginning in five years, with the amount based on net gaming revenue. Eldorado also will receive a share of the revenue generated by the Stars Group related to its operations.
Gary Carano, chairman and chief executive officer of Eldorado, said The Stars Group is one of the world’s largest and most licensed online gaming companies. Its brands include PokerStars, PokerStars Casino, BetStars and Sky Vegas. The company also owns or licenses live poker events in the U.S., Europe, Latin America and Asia. “We are excited to work with The Stars Group to capitalize on their proven ability to leverage their products to gain share in the growing market for online gaming," he said in a statement.
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