MGM sells Reno casino holdings to Eldorado Resorts
MGM Resorts International sold its Reno casino holdings Tuesday to Eldorado Resorts for $72.5 million, giving the Northern Nevada company ownership of Circus Circus Reno and a remaining 50 percent stake in the Silver Legacy.
Eldorado Resorts already owned the other half of the Silver Legacy.
The transaction, which is expected to be completed by the end of the year, will give Eldorado seven casinos in five markets, including three resorts in downtown Reno.
“The acquisition is expected to be accretive to our operating results upon closing, builds the critical mass of our gaming operations and fortifies our position in the increasingly attractive Reno gaming market,” Eldorado CEO Gary Carano said in a statement.
Silver Legacy, Circus Circus Reno and the Eldorado Reno property are connected by a 200-foot wide skyway corridor.
The sale will end MGM’s casino operations in Reno. Circus Circus Las Vegas was not part of the transaction.
Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871. Find @howardstutz on Twitter.
