A gaming company from Lincoln, Rhode Island, known for operating twelve casino and racetrack properties across the United States, Bally's Corporation, has announced that the acquisition of Eldorado Resort Casino Shreveport from Caesars Entertainment, Inc is now complete.
The owner of gambling establishments in Colorado, Delaware, Louisiana, Mississippi, Missouri and New Jersey has also revealed that the total purchase price of the acquisition amounts $140 million. It was funded with cash-on-hand and available borrowings under the American company's revolving credit facility.
Market and Share Growth
As Bally’s Corporation continued to invest in the gambling sector throughout 2020, shares closed 3.5% higher at $49.14 per unit in New York on Wednesday, 23 December. Likewise, shares in Caesars Entertainment Inc. closed 3.19% higher at $76.78 per stock.
Back in November and October, the company concluded an agreement with Elite Casino Resorts for Iowa mobile sportsbook launch, a long-term strategic partnership with Sinclair Broadcast Group, and has also acquired the US sportsbook provider Bet.Works for $125 million.
President and chief executive officer of Bally's Corporation, George Papanier, commented:
“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.”
“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.”
Eldorado Resort Casino Shreveport is located in Shreveport, Louisiana, and it is situated on the banks of the Red River. This property includes 1,401 slot cabinets, 54 tables and 403 hotel rooms.
Caesars Entertainment CEO, Tom Reeg, reveals further details about the acquisition:
“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.”
As a reminder, Caesars Entertainment had invested $325 million to transform Harrah's New Orleans into Caesars New Orleans on 8 December 2020.
Live with FanDuel in Atlantic City
Before the historic acquisition of Eldorado Resort in Shreveport, Louisiana Bally’s announced the opening of another sportsbook in partnership with FanDuel at the company’s Atlantic City Hotel & Casino.
As reported, FanDuel's ‘temporary’ sportsbook will utilize proprietary risk and trading technology developed by IGT PlaySports. It also represents the first retail sports betting operation for FanDuel in Atlantic City.
“We are looking forward to once again implementing the winning combination of Bally's nationwide expertise in gaming and casino operations, with FanDuel's market-leading sports betting acumen and globally recognized brand, to provide an unrivaled sportsbook experience for our loyal Atlantic City customers,” said Papanier.
The recently launched sportsbook will feature six live odds boards, ten self-service IGT PlaySports betting kiosks, as well as three live betting windows with attendants to assist customers.
“Bally's Corporation Completes Acquisition Of Eldorado Shreveport”, ballys.com, December 23rd, 2020.