Eldorado Resorts announced the investment of US$1.7 billion on its new project.
US.- Eldorado Resorts, distinguished gaming operator, will take a decisive step to buy its rival company and extend the business countrywide. Representatives of the company announced today the purchase of Isle of Capri Casinos for US$1.7 billion, including debt, in cash and stock.
American gaming regulators and Missouri Gaming Commission have not approved the project yet, but the permission is being debated. Eldorado Resorts aims at closing the deal during the second quarter of next year.
Eldorado Resorts will pay 1.638 shares from its common stock, or US$23 per share, which represents a premium of 35.9 percent to Isle of Capri’s Friday closing price. In the long term, the company will acquire Isle of Capri casinos for US$929 million.
“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,” Eldorado Resorts Chief Executive Gary Carano said in a statement.
Once the transaction is finished, Eldorado will operate 13 casino resorts with 20,800 slot machines and video lottery terminals, more than 560 table games and over 6,500 hotel rooms.