Maverick Gaming LLC announced that it has entered into a definitive agreement to purchase the Eldorado Casino and Resort in Shreveport, Louisiana from Eldorado Resorts, Inc. for $230 million. The transaction, once closed, will add approximately 1,500 slots, 50 table games, over 400 hotel rooms and six restaurants to the Maverick portfolio.
“Maverick continues to bet on diversified economies as we expand our gaming portfolio. The population in the Dallas market exceeds 7.5 million people, and Dallas encompasses the third-largest concentration of Fortune 500 companies in the United States. Maverick’s focus to date has been on the growing, vibrant and dynamic economies of Salt Lake City, Utah Seattle, Washington and Denver, Colorado. The Company now adds Dallas to that list” said Eric Persson, owner of Maverick Gaming.
Maverick intends to fund this transaction primarily with cash on hand and financing from HG Vora Capital Management and Angelo Gordon, both of which are private investment firms. “HG Vora is an important financing partner for Maverick Gaming with deep experience in the gaming and lodging sector, and we are pleased to also begin a new strategic partnership with Angelo Gordon, a firm that brings a strong track record in providing innovative finance solutions. We look forward to growing our portfolio over the near term in partnership with both investment firms” Mr. Persson commented.
The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in 2020.