Bally’s Corporation has announced the completion of its previously announced acquisition of Eldorado Resort Casino Shreveport from Caesars Entertainment.
The $140m total price of the purchase, subject to customary adjustments, was funded with cash on hand and available borrowings under the company’s revolving credit facility.
In January it was announced that Maverick Gaming was to acquire the property from $230m, however, the operator announced that it was to forgo the purchase, as well as that of Montblue Resort, Casino and Spa in Lake Tahoe, to nurture and protect existing assets.
“Eldorado Shreveport represents the latest step in our ongoing portfolio diversification strategy, expanding our rapidly growing geographic footprint into the attractive Shreveport/Bossier City market,” said George Papanier, president and CEO of Bally’s Corporation.
“Eldorado Shreveport is a first-class, premier entertainment asset that is emblematic of the iconic Bally’s brand. With the close of this transaction, we are looking forward to integrating Eldorado Shreveport into the Bally’s family, and implementing our proven strategic initiatives to drive growth and revenue improvements.”
Yesterday, Bally’s Corporation and FanDuel Group announced the opening of the FanDuel Sportsbook at Bally’s Atlantic City Hotel & Casino via a temporary offering, with design and construction on the permanent entity underway.
The temporary sportsbook, which will utilise FanDuel’s proprietary risk and trading technology that leverages the IGT PlaySports platform, is the first retail sports betting operation for the company in Atlantic City.