American regional casino operator Maverick Gaming has announced the signing of a definitive agreement that is to see it acquire the 400-room Montbleu Resort Casino and Spa Lake Tahoe from Eldorado Resorts Incorporated.
The Las Vegas-headquartered firm used an official Sunday press release to declare that the envisioned purchase for an undisclosed amount ‘is subject to all regulatory approvals’ as well as ‘other customary closing conditions’ and is expected to be completed ‘in the second half’ of the year.
Maverick Gaming already owns four rural Nevada casinos in the Red Garter Hotel and Casino, Gold Country Inn and Casino, Red Lion Hotel and Casino and Wendover Nugget Hotel and Casino and it ended last year by buying western Washington state’s Wizards Casino. The privately-owned firm is also responsible for the Z Casino, Johnny Z’s Casino and Grand Z Casino Hotel in Colorado and is moreover soon set to spend about $230 million so as to acquire Louisiana’s Eldorado Casino and Resort Shreveport from Eldorado Resorts Incorporated.
Eric Persson from Maverick used the press release to detail that the coming purchase of the Montbleu Resort Casino and Spa Lake Tahoe with its 45,000 sq ft casino, four restaurants and 1,200-seat showroom is destined to add nearly 600 slots and 30 gaming tables to an estate that had already encompassed approximately 1,500 slots and some 225 gaming tables.
Read a statement from Persson…
“With this acquisition we will increase our position in northern Nevada to five casinos with inventory nearing 1,600 hotel rooms and over 2,100 slot machines. We see great opportunity in northern Nevada and the Reno/Tahoe market and are actively seeking more distribution there.”
For its part and Reno-based Eldorado Resorts Incorporated operates a portfolio of over 20 casinos spread across eleven states and is currently seeking approval for a $17.3 billion arrangement that would see it merge with larger compatriot Caesars Entertainment Corporation. The firm’s Chief Executive Officer, Tom Reeg, used a short Tuesday press release to proclaim that the sale of the Lake Tahoe property ‘is consistent with our continued focus on the expected closing’ of this upcoming union by the end of June and should help his firm to assuage any associated federal anti-trust issues.