New buyer found for Montbleu casino at Stateline
Eldorado Resorts announced that it entered into a definitive agreement to sell the MontBleu Resort Casino & Spa in Lake Tahoe to Twin River Worldwide Holdings.
The deal also includes the Eldorado Shreveport Resort and Casino in Shreveport, La. Both casinos will cost $155 million in cash, subject to a working capital adjustment.
In connection with this transaction, Eldorado terminated its previously announced agreements for the sale of the Stateline casino to Maverick Gaming and returned their deposits.
The transaction is subject to regulatory approvals and is conditioned upon consummation of the Caesars transaction, Twin River obtaining financing and other customary closing conditions, and is expected to close in the first quarter of 2021.
“The agreement to divest MontBleu to Twin River Worldwide Holdings is consistent with our continued focus on closing the Caesars transaction in the first half of 2020,” said Eldorado Chief Executive Officer Tom Reeg.
Macquarie Capital is acting as exclusive financial advisor and Milbank LLP is acting as legal counsel to Eldorado in connection with the proposed transactions.
The move shows that Eldorado is moving ahead with the merger with Caesars, which owns Harveys and Harrah’s at Stateline.
Industry observers have speculated that once the merger is complete, one of the casinos might be sold.
Harveys announced $41 million in work, including the renovation of 519 guest rooms at the Lake Tower. Harvey’s is also opening Gordon Ramsay’s Hell’s Kitchen Lake Tahoe in the casino.
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