Century Casinos, Inc. has agreed to expand its operations with the purchase of three casinos from Eldorado Resorts, Inc. in June of 2019. Faegre Baker Daniels is representing Century Casinos in the $107 million transaction, which will increase the company’s portfolio to 10 casinos in North America. The acquisition is expected to meaningfully enhance the company's free cash flow.
The acquisition includes dockside casino Isle Casino Cape Girardeau in Cape Girardeau, Missouri; riverboat casino Lady Luck Caruthersville in Caruthersville, Missouri; and Mountaineer Casino, Racetrack and Resort, a hotel, casino, entertainment and live thoroughbred horse racing facility in New Cumberland, West Virginia.
Century Casinos is financing the purchase of the casino operations with a new credit facility. When the transaction closes, VICI Properties Inc. will acquire the real estate assets of the three properties for $285 million, and Century Casinos will enter into a master lease agreement of the properties with VICI.
The transaction is expected to close in early 2020.