- Legal States
Julie Moraine December 10, 2019 3 min read
Century Buys Three Casinos From Eldorado Resorts
Century Casinos has finally purchased three Eldorado Resorts properties for the sum total of $107 million. The deal was announced on Friday, December 6 and the move is part of Eldorado’s restructuring policy.
The 107-million Deal Finalized Last Friday
The casino and hospitality company Eldorado Resorts announced they had finally sold three of their properties to Century Casinos.
The company based in Nevada stated that this operation aimed to reduce their portfolio of casinos before a merge with Las Vegas gaming and hospitality Caesars Entertainment Corporation.
From Century Casinos also confirmed that on the 6th December, they had made the final steps to finalize the deal following their agreement with Eldorado concluded in June.
The deal in question was for acquiring several properties, including:
- Mountaineer Casino, Racetrack and Resort in New Cumberland, West Virginia
- Cape Girardeau in Cape Girardeau, Missouri
- Lady Luck Caruthersville in Caruthersville, Missouri.
The purchase that also aims to consolidate the casino industry in the United States is at the cost of $107 million.
But that might not be the final deal for these two companies as according to local and national authorities who are reviewing the transactions, they might also have to offload more of their casinos because of concerns related to unfair competition.
What’s more, simultaneously to the purchase of Eldorado’s casinos, Century has concluded a triple net lease agreement for 15 years with a 4-5 year extension period with VICI, a real-estate investment trust that owns the real estates’ assets of the three casinos in question.
The initial rent of the venues is estimated at $25 million.
Some History About the Casinos
The history of the casinos’ dates as early as 1994 when the first one –Mountaineer Casino, Racetrack and Resort, located one hour away from the center of Pittsburgh in Pennsylvania was launched as a hotel, casino, entertainment, and horse racing complex.
In fact, it first opened doors in 1951 but only as a horse track. At the moment, the complex offers to its guests a casino with 1,486 slot machines, a hotel with 357 rooms, 36 table games, a place for poker, a William Hill-operated retail sportsbook, as well as five dining outlets.
There is still a functioning racetrack there. The next casino to be launched was Lady Luck Caruthersville – a riverboat casino which opened doors in 1995.
At the moment, Lady Luck Caruthersville offers to its visitors a dockside casino with nine table games and 507 slot machines, a 40,000-square-foot pavilion, two dining outlets, and last but not least an RV park with 28 spaces.
The most recent of all is Isle Casino Cape Girardeau as it opened doors in 2012. It is located at the cost of the Mississippi River. For the guests of the casino, there is a dockside casino with 41,500 square feet of gaming space available with 863 gaming machines and 20 table games. In addition to that, the casino houses an entertainment center and an events center, three dining outlets plus a pavilion.
According to a recent statement made by Century Casinos Co-CEOs Erwin Haitzmann and Peter Hoetzinger, they cannot wait to start working with the newly acquired casinos.
They also added that everybody in the company is pleased that Century is finally going to be able to expand their casinos in Missouri and West Virginia and continue their successful operations into these areas as well.
With 4 years experience as an analyst, Julie—or ‘Jewels’, as we aptly refer to her in the office—is nothing short of a marvel-worthy in her attention to the forex and cryptocurrency space as she quickly became the first pick to co-pilot education to the masses with Mike.
Business December 10, 2019
Business December 10, 2019