Mountaineer Casino Sold in $385M Deal
NEW CUMBERLAND — Mountaineer Casino, Racetrack and Resort has been sold, along with two other Missouri casinos for $385 million.
Eldorado Resorts sold the New Cumberland facility along with Isle Casino in Cape Girardeau, Mo., and Lady Luck Casinos in Caruthersville, Mo., to Century Casinos and VICI Properties Inc.
The agreement to sell the casinos was made Monday. Century Casinos, another gaming company, is acquiring the operating assets of the three properties for approximately $107 million, and VICI Properties Inc., a real estate company, is acquiring the land and real estate assets for approximately $278 million.
The deal still needs regulatory approvals and is expected to be completed by early 2020.
“The agreements to divest Mountaineer Casino, Isle Casino Cape Girardeau and Lady Luck Casino Caruthersville are consistent with our continued focus on optimizing the results from our regional gaming platform, generating growth through strategic acquisitions and realizing value through sales,” said Tom Reeg, chief executive officer of Eldorado in a press release. “The sale price for these three properties represents an attractive multiple of their aggregate trailing 12 months cash flows and provides additional capital that we expect to deploy for shareholder value enhancing initiatives.
Following the completion of these transactions, Eldorado will continue to benefit from our geographically diverse portfolio of regional gaming assets that we believe have potential for further margin growth and increased cash flow.”
Eldorado Resorts owns 26 properties in 12 states: Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada, New Jersey, Ohio and West Virginia. Eldorado’s properties own approximately 28,000 slot machines and VLTs and approximately 750 table games and over 12,500 hotel rooms.
VICI Properties is an owner and operator of gaming, hospitality and entertainment destinations. Century Casinos owns and operates casinos in the USA, Canada, UK and ones found on TUI Cruises and Diamond Cruise International and owns 66 percent stake in Casinos Poland Ltd. VICI Properties and Century Casinos have worked with partnering brands in past deals.