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Eldorado sells 2 properties ahead of Caesars merger

Updated July 2, 2020 - 9:50 am

Eldorado Resorts Inc. has completed the sale of two regional properties, less than a month before it’s set to close its acquisition of Caesars Entertainment Corp.

The Reno-based casino operator completed the sale of its Isle of Capri Casino Kansas City and Lady Luck Casino Vicksburg to Twin River for $230 million in cash, subject to working capital adjustments.

“The sale of these two assets is consistent with our continued focus on reducing debt ahead of the expected closing for the Caesars transaction,” Eldorado CEO Tom Reeg said in a Thursday statement from the company.

Macquarie Capital is the exclusive financial adviser in the deal, and Milbank LLP is the legal counsel to Eldorado for the transaction.

Eldorado’s acquisition of Caesars is expected to close this month. The state Gaming Control Board and Nevada Gaming Commission will consider the approval of the $17.3 billion deal in back-to-back meetings July 8.

The transaction must gain approval from gaming regulators in Nevada, Indiana and New Jersey before it can close. The next Indiana Gaming Commission meeting is scheduled for July 10, while the New Jersey Casino Control Commission meets July 15.

Contact Bailey Schulz at bschulz@reviewjournal.com or 702-383-0233. Follow @bailey_schulz on Twitter.

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