Eldorado Resorts, Inc. (NASDAQ: ERI) announced yesterday that it has entered into a definitive agreement to sell the Eldorado Resort and Casino in Shreveport, Louisiana to Maverick Gaming LLC for $230 million in cash, subject to a working capital adjustment.
The transaction is subject to regulatory approvals, the prior or concurrent closing of Eldorado’s previously announced merger with Caesars Entertainment Corporation, and other customary closing conditions and is expected to close in 2020.
Tom Reeg, Chief Executive Officer of Eldorado, commented, “The agreement to divest the Eldorado Shreveport is consistent with our continued focus on reducing debt ahead of the expected closing for the Caesars transaction in the first half of 2020.”
Macquarie Capital is acting as exclusive financial advisor and Milbank LLP is acting as legal counsel to Eldorado in connection with the proposed transactions.
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