Eldorado Resorts Completes Acquisition of Grand Victoria Casino
ELDORADO RESORTS (ERI)
Last eldorado resorts earnings: 2/26 04:05 pm
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US:NASDAQ Investor Relations:
ir.eldoradoresorts.com
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Source: Business Wire
Accretive Acquisition Further Expands Eldorado’s Regional Gaming Platform With Addition of Premier Gaming Destination in Chicagoland Market RENO, Nev.--(BUSINESS WIRE)-- Eldorado Resorts, Inc. (NASDAQ: ERI) (“Eldorado” or the “Company”) announced today that it completed the previously announced purchase of the Grand Victoria Casino (“Grand Victoria”) in Elgin, Illinois for total consideration of $327.5 million in cash, subject to a customary working capital adjustment. The transaction was financed with cash on hand and borrowings under the Company’s revolving credit facility. The purchase price represents a multiple of approximately 9.0x trailing twelve months Adjusted EBITDA (for the period ended June 30, 2018) which Eldorado expects to reduce to approximately 6.0x or less within 18 months based on expected operating synergies and cost savings. Gary Carano, Chairman and Chief Executive Officer o
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