Eldorado Resorts purchased Isle of Capri Casinos

The US group has acquired Isle of Capri Casinos in a cash and stock arrangement that adds 12 casino resorts to Eldorado Resorts’ portfolio.

US.- Eldorado Resorts Inc. has purchased Isle of Capri Casinos Inc. in a cash and stock deal that was closed on Monday. The Reno based business group acquired 12 casino resorts that have been added to its portfolio and has turned into a gaming company with a combined revenue of US$1.7 billion.

Eldorado’s assets include now 19 properties, the Isle Casino Hotel amongst them, in around 10 states and has around 20000 slot machines and video lottery terminals, more than 550 table games and over 6500 hotel rooms. In addition, it’s adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) is now around US$394 million, after identified cost synergies of about $35 million, according to Eldorado officials.

Following the deal, the group increased by two people the size of its board and named former Isle directors Gregory Kozicz and Bonnie Biumi to reach a total of 9 members. Separately, they also announced the naming of Edmund Quatmann Jr. as Eldorado’s executive vice president and chief legal officer. Quatmann Jr. had been Isle of Capri’s chief legal officer since July 2008.

The group’s plan to buy the St. Louis-based company was announced in September 2016 and has included the acquisition of all outstanding Isle of Capri shares for US$23 per share, or 1.638 shares of Eldorado common stock.

Chairman and CEO of Eldorado Gary Carano commented in a press release: “The combination significantly expands the scale of our gaming operations, further diversifies our geographic reach into new markets and minimizes market-specific risk.”