In the United States, there are huge complexes dedicated to gambling, of course, in Las Vegas in Nevada and in Atlantic City in New Jersey.
However, they are also found in many other parts of the country. And these complexes have a habit of changing hands. Indeed, depending on the needs of the moment, operators do not hesitate to sell or buy hotel-casinos.
In fact, we just received recent confirmation. On Friday, April 24, casino operator Twin River Worldwide Holdings announced it had purchased three land-based properties for $180 million from rivals Caesars Entertainment and Eldorado Resorts, including Bally’s Atlantic City Hotel & Casino.
The sale of two Eldorado Resorts group complexes
A few weeks ago, it was announced that the sales of the Eldorado Resort Casino in Shreveport, Louisiana, and the Mont Bleu Resort Casino & Spa in Stateline, on the shores of Lake Tahoe, Nevada, to operator Maverick Gaming had just been accepted by Eldorado Resorts. However, this has absolutely not stopped the latter from entering into a new sales agreement for these two gambling complexes.
This time, the $155 million contract was signed with Twin River Worldwide Holdings. Of course, to complete this future sale, Eldorado Resorts terminated the previous agreement by returning the deposits it had already paid to Maverick Gaming. Maverick Gaming has not yet commented on the matter.
>>> Also read: » Merger between Eldorado Resorts and Caesars Entertainment «
Caesars Entertainment Group sells Bally’s Atlantic City
And that’s not all, in addition to the Eldorado Resort Casino and the Mont Bleu Resort Casino & Spa, Twin River Worldwide Holdings also acquired another land-based property on Friday, April 24. On that day, it also announced that it was acquiring the famous Bally’s Atlantic City Hotel & Casino, owned by Caesars Entertainment and its real estate investment fund Vici Properties, for just $25 million.
Such a sum also proves the difficulties encountered by this casino, which almost closed its doors for good in 2014. Particularly nightmarish for the legendary seaside resort in New Jersey, it saw the closure of 4 of the 12 establishments that Atlantic City had at that time.
Twin River Worldwide Holdings has a presence in 8 US states
To finance these sales, operator Twin River Worldwide Holdings will use a combination of cash and the planned increase in its existing credit facility. While the acquisition of Bally’s Atlantic City Hotel & Casino is expected to close by the end of the year, the acquisition of Eldorado Resort Casino and Mont Bleu Resort Casino & Spa will close in the first half of 2021, allowing sufficient time to obtain regulatory approvals and complete financial transactions.
With these various acquisitions, the casino operator Twin River Worldwide Holdings will further expand its geographical reach, as it will now be present in eight American states.
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