Eldorado Resorts: Montbleu Resort Casino in Lake Tahoe to be sold to Maverick Gaming

Submitted by paula on Tue, 03/10/2020 - 12:38pm

STATELINE, Nev. - Eldorado Resorts, Inc. and Maverick Gaming LLC have entered into a definitive agreement for the purchase of Montbleu Casino Resort on the South Shore of Lake Tahoe.

There has been speculation about the future of Montbleu ever since Eldorado Resorts announced they were buying Caesars Entertainment, the parent company of Harrahs and Harveys in Lake Tahoe in 2019 in a $17.3 billion cash-and-stock deal. That deal was expected to close this month.

The purchase price for Montbleu was not released.

The Montbleu property includes over 400 hotel rooms, nearly 600 slot machines, 30 table games, with a 1200 seat showroom and four restaurants. If the Tahoe Douglas Event Center project moves forward it will be located on the Montbleu parking lot. It opened in 1978.

The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in the second half of 2020.

“The agreement to divest Montbleu is consistent with our continued focus on the expected closing for the Caesars transaction in the first half of 2020,” said Chief Executive Officer of Eldorado Tom Reeg.

Caesars sold Harrah's Reno in Januaryfor $50 million.

"With this acquisition, we will increase our position in Northern Nevada to five casinos with inventory nearing 1600 hotel rooms, and over 2100 slot machines,” said Eric Persson, majority owner of Maverick Gaming. “We see great opportunity in Northern Nevada and the Reno Tahoe market, and are actively seeking more distribution there.”

Their other properties are the Wendover Nugget Hotel & Casino and Red Garter Hotel & Casino in Wendover, and in Elko the Red Lion Hotel & Casino, Gold Country Casino, High Desert Inn. They also own 19 cardrooms in Washington State and a handful of properties in Colorado and the new acquisition of Eldorado Casino & Resort in Shreveport, Louisiana.

Montbleu executives have not yet returned a call for comment at this time. The story will be updated when they do.