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Eldorado Resorts to sell La. property for $230M

Eldorado Resorts Inc. on Jan. 13 agreed to sell its Eldorado Resort and Casino in Shreveport, La., to Maverick Gaming LLC for $230 million in cash, subject to a working capital adjustment.

The transaction is expected to close in 2020, subject to regulatory approvals, the prior or concurrent closing of Eldorado's proposed $17.3 billion merger with Caesars Entertainment Corp., and other customary closing conditions.

The sale is in line with Eldorado's focus on reducing debt ahead of the completion of its deal with Caesars, which is expected in the first half of 2020, Eldorado CEO Tom Reeg said.

Macquarie Capital is acting as exclusive financial adviser and Milbank LLP is serving as legal counsel to Eldorado in the planned transactions.

The Nevada-based casino operator recently completed the sale of land and real estate assets of its three properties to VICI Properties Inc. These assets were among the properties that Eldorado agreed to divest for total proceeds of $385 million.