Eldorado Resorts has confirmed the sale of its three prominent casinos to Century casinos and Vici Properties. The deal is estimated worth $385 million.
According to the reports and those familiar with the matter, the casino sale is an indication that Eldorado is in its final stages of taking over Caesars.
Earlier reports emerged that Eldorado is in talks with Caesars and that the negotiations of a merger deal is in its final stages.
The gambling operator is selling three casinos: Mountaineer Casino Racetrack and Resort in West Virginia, and the Isle Casino Cape Girardeau and Lady Luck Casino in Missouri.
According to the deal, Century casinos will have the operating rights and for which the company will spend $107 million and VICI properties would be paying $278 million to purchase the properties.
Commenting on the sale deal, Eldorado CEO Tom Reed said that it is “consistent with our continued focus on optimizing the results from our regional gaming platform, generating growth through strategic acquisitions and realizing value through sales.”
“The sale price for these three properties represents an attractive multiple of their aggregate trailing twelve months cash flows and provides additional capital that we expect to deploy for shareholder value enhancing initiatives.”
Eldorado owns and operates 26 casinos in 12 US states.