Just weeks after partnering with Gaming and Leisure Properties Inc. to acquire Carl Icahn’s Tropicana Entertainment for $1.85 billion, Reno-based Eldorado Resorts announced it will team with the Cordish Companies of Baltimore to build a mixed-use development in Pompano, Florida, on 223 acres around Eldorado’s Isle Casino Racing. Terms of the deal were not disclosed. Eldorado Resorts acquired the Pompano Beach property as part of its $1.7 billion purchase of Isle of Capri Casinos in 2017.
Officials said the project will include a hotel, residential housing, corporate office center, dining and retail.
Eldorado Resorts Chief Executive Officer Gary Carano said, “The Cordish Companies is one of the leading developers of high profile, mixed use destinations in the country. This development is an incredible opportunity to complement our existing gaming and racing facilities on the site and will become a vibrant destination for visitors to South Florida.”
Cordish Companies Chairman David Cordish said, “Together we are committed to delivering a unique mixed use development that creates thousands of new jobs for the city of Pompano and South Florida, provides new amenities and attractions to the local population and attracts substantial new visitation to the region. I plan personally to spend significant time on the ground working to bring the development to fruition.”
Pompano Beach Mayor Lamar Fisher said city officials “look forward to working closely together with the Cordish Companies and Eldorado Resorts in creating a destination like no other.”
Founded in 1973 by Don Carano, Eldorado Resorts has been acquiring new properties since merging with MTR Gaming Group and going public in 2014. On the same day as the Tropicana deal, the company purchased the Grand Victoria Casino in Elgin, Illinois for $327.5 million. Today Eldorado owns and operates 20 casino properties in 10 states.
