Reno-based Eldorado selling casinos in Mississippi, Missouri
LAS VEGAS (AP) — Casino company Eldorado Resorts Inc. says it is selling two of its 26 properties and will use the proceeds to help it buy Caesars Entertainment Corp.
Reno-based Eldorado announced Thursday that Rhode Island-based Twin River Worldwide Holdings Inc. will buy the Lady Luck Casino in Vicksburg, Mississippi, and the Isle of Capri property in Kansas City, Missouri, for a combined $230 million.
The cash sales are expected to close early next year.
Union Gaming analyst John DeCree tells the Las Vegas Review-Journal the deal with Twin River could help fund Eldorado’s $17.3 billion plan to buy Caesars and its more than 30 casinos in the U.S.
The purchase of Las Vegas-based Caesars, announced June 24, followed pressure from activist investor Carl Icahn.
It needs approval by gambling regulators and shareholders.
This story has been corrected to reflect that Eldorado Resorts Inc. owns and operates 26 properties, not 28.