Century Buys Trio of Eldorado Casinos, Expands in Missouri, West Virginia
Century acquired Isle Casino Cape Girardeau in Cape Girardeau, Missouri, Lady Luck Caruthersville in Caruthersville, Missouri, and Mountaineer Casino, Racetrack and Resort in New Cumberland, West Virginia from Eldorado in a $107 million deal.
Eldorado first announced that it had entered into agreement to sell the three properties to Century in June. The company is looking to reduce its portfolio of casinos as it prepares to merge its operations with Las Vegas gaming and hospitality giant Caesars Entertainment Corp.
The two companies are expected to be ordered by federal and state authorities reviewing their combination to offload some more properties due to competition concerns.
Century announced that it had finalized the acquisition of the three Eldorado properties this past Friday. The company further noted that simultaneous with the closing of the transaction, real estate investment trust VICI Properties has acquired the real estate assets of the three casino properties.
Century entered into a triple net lease agreement with VICI for the three gambling venues. The casino operator will pay an initial annual rent of approximately $25 million. The initial term of the lease agreement is 15 years, with the option for four five-year extensions.
Great Additions to Existing Portfolio
Commenting on the new additions to their already extensive portfolio, Century Casinos Co-CEOs Erwin Haitzmann and Peter Hoetzinger said that they are very excited by the opportunity to expand in Missouri and West Virginia and that they look forward to working with the staff of the three properties and their host communities to continue their continued success into the future.
Isle Casino Cape Girardeau opened doors along the Mississippi River in 2012. The property features a dockside casino with a 41,500 square feet of gaming space, three dining outlets, a pavilion, an entertainment center, and an events center. The gaming portion of the complex features 863 gaming machines and 20 table games.
Lady Luck Caruthersville is a riverboat casino. It was launched in 1995. It currently includes a dockside casino with 507 slot machines and nine table games, two dining outlets, a 40,000-square-foot pavilion, and a 28-space RV park.
Last but not least, Mountaineer Casino, Racetrack and Resort is a hotel, casino, entertainment, and horse racing complex located just one hour from downtown Pittsburgh, Pennsylvania. The property first opened doors as a racetrack in 1951. Its casino portion was added in 1994.
The Mountaineer complex features a 357-room hotel, a casino with 1,486 slot machines, 36 table games, a poker room, and a William Hill-operated retail sportsbook, a racetrack, and five dining outlets.
With the recently closed purchase of the three Eldorado casinos, Century’s portfolio increased to 18 properties in several countries that feature more than 7,185 slot machines and 285 table games and employ over 3,400 people.