Monday should see Eldorado Resorts Inc. (Nasdaq: ERI), of Nevada close on their purchase of Isle of Capri Inc. (Nasdaq: ISLE), based out of Saint Louis, Mo and holding thirteen casino properties in seven states including two in Colorada, one in Florida, three in Iowa, one in Lake Charles, La, two in Mississippi, one in Pennsylvania and four in Missouri.
Eldorado, a family company founded by Don Carano, and now headed up by Gary Carano, currently owns and operates seven properties in five states including: Eldorado Resort Casino, Silver Legacy Resort Casino, and Circus Circus Hotel Casino in Reno, NV; Eldorado Resort Casino in Shreveport, LA; Mountaineer Casino Racetrack & Resort in Chester, WV; Eldorado Gaming Scioto Downs in Columbus, OH; and Presque Isle Downs & Casino in Erie, PA.
The two companies have received all needed gaming commission approvals after earlier getting the green light from shareholders of Eldorado and Isle in January, according to regulatory filings on Thursday.
The sale was originally announced in September.
Eldorado will tender $23 per share or transfer 1.638 shares of Eldorado common stock for each Isle share, at the discretion of the Isle shareholder.
Isle of Capri Inc. had net income of $8.2 million on net revenue of $193.8 million at the end of the fiscal year 2017 Q3, while Eldorado Resorts Inc. had net income of $24.8 million for the full year 2016 on $892.9 million in net operating revenue for the year.
Eldorado started out in Reno in 1973 with the opening of Eldorado Casino. In 1995 Carano partnered with MGM Mirage to open Reno’s Silver Legacy. In 2015 they completed the acquisition of Circus Circus Reno and became full owners of Silver Legacy. Eldorado will now own and operate 30 casinos in the U.S.