Now here’s a headline you don’t read often. A casino with temporary ownership of another casino. What’s that all about you might ask? Don’t worry! We also asked ourselves the same question. And after our research, we’ve reached a more thorough understanding of the deal. So on that bombshell, let’s jump into the action and discuss what this is all about.
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First, Eldorado recently purchased the Tropicana in Atlantic City as part of a $1.85 billion deal. The deal also consists of the sale of seven other Tropicana casinos across six states. So this temporary status of ownership is only a short phase while the agreement is still in the transition stage. As of now, Eldorado has full interim authority while they wait for the approval of their operating license. The authorization must come from the New Jersey Casino Commission. So until then, Eldorado will now take control of the wheel, and when the license comes, then the deal will be official. No more temporary statuses. Additionally, the contract should be final sometime within the next few weeks.
The CEO Gary Carano at Eldorado said, “We’re not new to competition. Reno is as much if not more competitive. We’ll be able to compete as we have done in every market we’ve ever been in.”
Words from the President
Thomas Reeg, President of Eldorado, said the following, “We’re coming in eyes wide open. We’re going to fight for our position in this market.” This is because as of now, there is a lot of competition in AC. As of now though, Tropicana claims the number 2 spot in AC in annual revenue. The casino trails behind the Borgata, which, brings in the most. Also, he said, “We expect a fight for market share, and we’re prepared for that. We’re buying an asset that we hope is standing and competing for 50,100 years from now.”
So to conclude, it looks as if Eldorado is confident as it embarks on a new journey in Atlantic City. We’ll continue to keep a close eye on this story as it develops. And we’ll also keep you updated as it all unfolds.