Nevada based MGM Resorts International has announced that it has completed the sale of Reno leisure/gambling asset Circus Casino and its 50% stake in the Silver Legacy Resort to Eldorado Resorts Inc.
First agreed in July, the transaction sees Eldorado pay $73 million in cash for the combined assets. Eldorado are further set to commit $8 million in working capital adjustments as part of its final deal agreement.
Eldorado governance detailed that the acquisition of the Reno properties had been financed with cash in hand and funds from an escrow account established at the time of initial interest in MGM’s assets.
Gary Carano, Chairman and Chief Executive Officer of Eldorado was pleased to conclude the deal
“We are very excited to welcome the Silver Legacy and Circus Circus Reno employees to the Eldorado family at a time when the Reno gaming market and the northern Nevada economy is prospering. Our experience integrating the MTR operations and the talent of our operating teams across Reno’s three leading downtown casino resorts will serve us well as we welcome Silver Legacy and Circus Circus Reno into our operating base.”
The closure sees Eldorado extend its casino/leisure properties to seven facilities operating within five markets.