“The acquisition of Isle Of Capri [Casinos Incorporated] represents a transformational growth opportunity for Eldorado,” stated Gary Carano, Chairman and Chief Executive Officer of Eldorado Resorts Incorporated.
According to a report from the Herald-Standard newspaper citing Eldorado Resorts Incorporated spokesperson Suzanne Trout, the stakeholders are due to vote on January 25 with the deal to bring the Isle Of Capri Casinos Incorporated properties into the Reno-based operator’s estate expected to be finalized by the end of April.
Eldorado Resorts Incorporated operates the Eldorado Resort Casino, the Silver Legacy Resort Casino and the Circus Circus Resort Casino in Reno, Nevada, as well as the Eldorado Resort Casino in Shreveport, Louisiana, the Scioto Downs Racino in Columbus, Ohio, the Mountaineer Casino Racetrack And Resort near Chester, West Virginia and the Presque Isle Downs And Casino in Erie, Pennsylvania, and first announced its intention to purchase Isle Of Capri Casinos Incorporated in September.
“The acquisition of Isle Of Capri [Casinos Incorporated] represents a transformational growth opportunity for Eldorado [Resorts Incorporated] and is a significant milestone in the successful ongoing execution of our long-term strategy to opportunistically expand our regional gaming platform through accretive acquisitions,” Gary Carano, Chairman and Chief Executive Officer of Eldorado Resorts Incorporated stated at the time.
The purchase would add 14 properties in Colorado, Florida, Iowa, Louisiana, Mississippi, Missouri and Pennsylvania to Eldorado Resorts Incorporated’s portfolio while August saw Isle Of Capri Casinos Incorporated sign a deal to offload its Isle Of Capri Casino Hotel Lake Charles to Albuquerque-based Laguna Development Corporation for $134.5 million
“Financially, the transaction is expected to be accretive to our operating results upon closing,” said Carano. “For the twelve-month periods ended the last day of the most recent fiscal quarter for each of Eldorado Resorts [Incorporated] and Isle [Of Capri Casinos Incorporated], the revenues of the combined company were almost double Eldorado [Resorts Incorporated’s] revenues on a standalone basis and combined adjusted earnings before Interest, tax, depreciation and amortization was approximately $400 million inclusive of the cost synergies we have identified. Strategically, the combination builds the scale of our gaming operations and further diversifies the geographic reach of our operations without any overlap with our existing properties.”
Trout told the Herald-Standard that her company had no detailed post-takeover plans regarding the Isle Of Capri Casinos Incorporated-owned Lady Luck Casino Nemacolin with its 600 slots and 30 gaming tables near Farmington, Pennsylvania, and that players should not notice any significant changes.
“It is business as usual as our team continues to provide the gaming experience our customers expect,” Jill Alexander from St Louis-based Isle Of Capri Casinos Incorporated told the newspaper.