Montbleu to be sold as part of Eldorado/Caesars merger
RENO, Nev. — Eldorado Resorts announced today that it has entered into a definitive agreement to sell the Montbleu Resort Casino & Spa at Stateline to Maverick Gaming.
The transaction is subject to regulatory approvals and other customary closing conditions, officials said in a press release, and is expected to close in the second half of 2020.
Terms of the transaction — which has been rumored for months as a likely byproduct of Eldorado’s impending merger with Caesars Entertainment — were not immediately disclosed.
“The agreement to divest Montbleu is consistent with our continued focus on the expected closing for the Caesars transaction in the first half of 2020,” said Eldorado Chief Executive Officer Tom Reeg.
Macquarie Capital is acting as exclusive financial advisor and Milbank LLP is acting as legal counsel to Eldorado Resorts in connection with the proposed transactions.
Locally, Eldorado Resorts owns the Eldorado, Silver Legacy and Circus Circus casinos in Reno.
According to previous reports, the closing of the $17.3 billion Eldorado/Caesars merger was initially expected to occur by the end of March this year.
Today’s news comes a few weeks after Caesars Entertainment and VICI Properties Inc. announced Jan. 15 an agreement to sell Harrah’s Reno to an affiliate of CAI Investments for $50 million.
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