CREVE COEUR, Mo — Eldorado Resorts Inc. has completed the purchase of Isle of Capri Casinos in a cash and stock transaction. The transaction adds 12 casino-resorts, including the Isle Casino Hotel in Waterloo, to the Eldorado Resorts group portfolio. The combined company has annual revenue of more than $1.7 billion.
After the acquisition, Eldorado’s assets include 19 properties in 10 states, with approximately 20,000 slot machines and VLTs, more than 550 table games and more than 6,500 hotel rooms.
Isle operated two other properties in Iowa: Lady Luck Casino in Marquette and Isle Casino Hotel in Bettendorf. The Marquette property was recently sold for $40 million and was not part of the Eldorado acquisition.
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As part of the deal, Eldorado Resorts acquired all outstanding Isle of Capri shares for $23 per share, or 1.638 shares of Eldorado common stock.
“The combination significantly expands the scale of our gaming operations, further diversifies our geographic reach into new markets and minimizes market-specific risk,” said Gary Carano, chairman and CEO of Eldorado, in a news release.
The company’s shares will trade on the NASDAQ Global Select Market under the symbol “ERI.”