Bally’s completes Eldorado Shreveport acquisition from Caesars24th December 2020 8:35 am GMT
New York-listed casino operator Bally's Corporation has completed its previously announced acquisition of Eldorado Resort Casino Shreveport from Caesars Entertainment.
Bally’s has acquired the Louisiana-based casino for a total purchase price of $140m, subject to customary adjustments.
“Eldorado Shreveport represents the latest step in our ongoing portfolio diversification strategy, expanding our rapidly growing geographic footprint into the attractive Shreveport/Bossier City market,” said Bally's Corporation president and CEO George Papanier.
“Eldorado Shreveport is a first-class, premier entertainment asset that is emblematic of the iconic Bally's brand. With the close of this transaction, we are looking forward to integrating Eldorado Shreveport into the Bally's family, and implementing our proven strategic initiatives to drive growth and revenue improvements.”
Caesars Entertainment CEO Tom Reeg commented: “The completion of the sale of Eldorado Resort Casino Shreveport satisfies the Federal Trade Commission request to divest the asset in connection with the Caesars-Eldorado transaction which closed earlier this year.
“Since our acquisition of the property fifteen years ago, our Team Members' passion and commitment have driven our success in Shreveport. We wish all of them continued success under Bally's ownership.”
Shares in Bally's Corporation (NSQ:BALY) closed 3.5 per cent higher at $49.14 per share in New York Wednesday, having set a new 52-week high of $52.98 per share earlier in the day.
Shares in Caesars Entertainment Inc. (NSQ:CZR) closed 3.19 per cent higher at $76.78 per share, less than 2 per cent off their 52-week high of $78.16 per share set on December 18.