Eldorado Resorts has completed its acquisition of Tropicana Entertainment and looks like it is about to expand its reach in the US sports betting market.
The deal is worth about $1.85bn and extends Eldorado’s reach to 26 land-based gaming establishments across 12 states.
The combination of the two businesses is set to generate more than $2.7bn in annual revenue with an adjusted EBITDA of around $697m.
Under the deal, Eldorado has acquired the operating assets of seven casinos across six states including two Nevada facilities; The Tropicana Laughlin Hotel and Casino and the MontBleu Casino Resort and Spa.
Gary Carano, Chairman and CEO of Eldorado said: “Our acquisition of Tropicana marks a continuation of Eldorado’s successful history of rapid growth through strategic, accretive acquisitions.
“Through this combination, we have significantly expanded the scale of our gaming operations, further diversified our geographic reach into new markets, some of which have already adopted sports wagering legislation and minimized market-specific risk.”
The deal also gives Eldorado control over a gaming facility in Mississippi and another in New Jersey, both states have legalized sports betting.
The company will operate the Tropicana Casino and Resort in New Jersey and the Trop Casino Greenville in Mississippi.
Eldorado will also acquire an establishment in Louisiana, Missouri and one in Indiana, all of which have yet to legalize sports betting.
Prior to this deal, Eldorado announced that it was working with William Hill to expand its land-based and online sports betting operations in the US.