Regional casino owner and operator Maverick Gaming has announced a further addition to its burgeoning portfolio after entering an agreement for the $230m purchase of the Eldorado Casino and Resort in Shreveport, Louisiana.
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.
Once finalised the purchase will add in the region of 1,500 slots, 50 table games, over 400 hotel rooms and six restaurants to the Maverick portfolio.
“Maverick continues to bet on diversified economies as we expand our gaming portfolio,” Eric Persson, owner of Maverick Gaming. “The population in the Dallas market exceeds 7.5 million people, and Dallas encompasses the third-largest concentration of Fortune 500 companies in the United States.
“Maverick’s focus to date has been on the growing, vibrant and dynamic economies of Salt Lake City, Utah Seattle, Washington and Denver, Colorado. The company now adds Dallas to that list.
The firm intends to fund this transaction primarily with cash on hand and financing from HG Vora Capital Management and Angelo Gordon, both of which are private investment firms.
“HG Vora is an important financing partner for Maverick Gaming with deep experience in the gaming and lodging sector, and we are pleased to also begin a new strategic partnership with Angelo Gordon, a firm that brings a strong track record in providing innovative finance solutions,” added Persson. “We look forward to growing our portfolio over the near term in partnership with both investment firms.”
The sale forms part of Eldorado’s continued focus on reducing debt ahead of the expected closing for the Caesars transaction in the first half of this year.
This follows Colorado headquartered Century Casinos taking its global property portfolio to 18, encapsulating 7,185 gaming machines and 285 table games, after partnering with Vici Properties to secure three purchases from Eldorado Resorts.
Century purchased the operations of Missouri’s Isle Casino Cape Girardeau and Lady Luck Caruthersville as well as West Virginia’s Mountaineer Casino, Racetrack and Resort for $107m, with the real estate investment trust acquiring the land and real estate assets of each for $278m.