Owner of 2 Colorado casinos to be sold for $1.7 billion
Nevada-based Eldorado Resorts Inc. expects to close Monday on its $1.7 billion purchase of Isle of Capri Inc., operator of two casinos in Black Hawk.
The companies have received all consents and approvals from state gaming commissions needed to complete the merger, company officials said in a regulatory filing Thursday.
St. Louis-based Isle of Capri (Nasdaq: ISLE) operates the Isle Casino Hotel and the Lady Luck Casino, both in Black Hawk.
The company's sale to Reno-based Eldorado (Nasdaq: ERI) was announced in September. Isle and Eldorado shareholders separately approved the deal in January.
Eldorado’s bid calls for the casino operator to pay $23 a share in cash or 1.638 shares of Eldorado common stock, as elected by each Isle shareholder.
Isle, led by CEO Eric Hausler, owns or operates 13 casino properties, primarily under the Isle and Lady Luck brands, in Colorado as well as Mississippi, Louisiana, Iowa, Missouri, Florida and Pennsylvania. The company reported net income of $8.2 million on net revenue of $193.8 million for its fiscal 2017 third quarter ended Jan. 22.
Eldorado Resorts (Nasdaq: ERI) owns and operates seven properties in five states. It reported full-year 2016 net income of $24.8 million on net operating revenue of $892.9 million. The company plans to report its first-quarter 2017 results May 4.
Reported by: Bizjournals.com
The companies have received all consents and approvals from state gaming commissions needed to complete the merger, company officials said in a regulatory filing Thursday.
St. Louis-based Isle of Capri (Nasdaq: ISLE) operates the Isle Casino Hotel and the Lady Luck Casino, both in Black Hawk.
The company's sale to Reno-based Eldorado (Nasdaq: ERI) was announced in September. Isle and Eldorado shareholders separately approved the deal in January.
Eldorado’s bid calls for the casino operator to pay $23 a share in cash or 1.638 shares of Eldorado common stock, as elected by each Isle shareholder.
Isle, led by CEO Eric Hausler, owns or operates 13 casino properties, primarily under the Isle and Lady Luck brands, in Colorado as well as Mississippi, Louisiana, Iowa, Missouri, Florida and Pennsylvania. The company reported net income of $8.2 million on net revenue of $193.8 million for its fiscal 2017 third quarter ended Jan. 22.
Eldorado Resorts (Nasdaq: ERI) owns and operates seven properties in five states. It reported full-year 2016 net income of $24.8 million on net operating revenue of $892.9 million. The company plans to report its first-quarter 2017 results May 4.
Reported by: Bizjournals.com
