Caesars completes sale of Eldorado Shreveport to Bally’s
FTC ordered Caesars to divest some of its properties after merger with Eldorado Resorts Inc.
Caesars Entertainment, Inc., on Wednesday said it has closed the sale of Eldorado Resort Casino Shreveport to Bally’s Corporation.
The two companies said the transaction was completed for $140 million in net proceeds, subject to a customary working capital adjustment.
According to Tom Reeg, CEO of Caesars Entertainment, Inc., the completion of the sale of Eldorado Resort Casino Shreveport satisfies a request by the Federal Trade Commission for Caesars to divest the Louisiana property in connection with the merger of the entity formerly known as Caesars Entertainment Corporation with Eldorado Resorts Inc.
The Caesars-Eldorado merger closed during the third quarter of this year. Also in Q3, Caesars announced an all-cash offer to acquire William Hill, and it agreed to sell Tropicana Evansville for $480 million to Gaming and Leisure Properties and Twin River Worldwide Holdings.
“Since our acquisition of the property 15 years ago, our Team Members’ passion and commitment have driven our success in Shreveport,” Reeg said in a statement. “We wish all of them continued success under Bally’s ownership.”
Macquarie Capital and Milbank LLP represented Caesars Entertainment on the transaction.
Caesars Entertainment, Inc., is the largest casino-entertainment company in the U.S. Since its beginning in Reno, Nevada, in 1937, Caesars Entertainment has grown through development of new resorts, expansions and acquisitions. Caesars Entertainment’s resorts operate primarily under the Caesars, Harrah’s, Horseshoe and Eldorado brand names.
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