The Nevada Gaming Control Board has approved Eldorado Resorts’ $1.85 billion acquisition of Tropicana Entertainment.
The Nevada Gaming Commission is expected this week to sign off on the deal, which is slated to close in October with Reno-based Eldorado picking up Tropicana’s seven casinos in six states in partnership with Penn National Gaming’s Gaming and Leisure Properties real estate investment trust as landlord.
When it’s finalized Eldorado will have expanded in Nevada with the addition of the Tropicana Laughlin and the MontBleu Resort in South Lake Tahoe to its three flagship resorts in Reno and will bolster its position as a regional gaming powerhouse with Tropicana Evansville in Indiana, Tropicana Atlantic City, Louisiana’s Belle of Baton Rouge, Trop Casino Greenville in Mississippi and Lumière Place in St. Louis joining the portfolio.
In all, Eldorado will operate 26 casinos in 12 states.
The company has been in aggressive acquisition mode for several years and doubled in size in 2017 with the acquisition of Isle of Capri Casinos. In August, the company completed the purchase of the Grand Victoria Casino in Elgin, Ill., from a partnership that included MGM Resorts International.
Earlier this month, the company concluded a deal with William Hill US to manage its sports betting operations nationwide in exchange for a 20 percent ownership stake in the bookmaker.
The two plan to focus initially on New Jersey, Iowa, Mississippi and West Virginia. In a statement, Eldorado said it expects its casinos in West Virginia and Mississippi to be ready for sports betting this NFL season.
William Hill has operated the sportsbooks at Eldorado’s Reno resorts since 2012.
