Eldorado finances acquisitions with revolver borrowings; repays facility

By Tali Rackner

Norfolk, Va., Nov. 24 – Eldorado Resorts, Inc. used borrowings under its revolving credit facility and cash to finance its purchase of MGM Resorts International’s 50% interest in the Silver Legacy Resort Casino Reno, as well as the assets of Circus Circus Reno, according to a press release.

The total transaction cost was $72.5 million cash plus a working capital adjustment.

In addition, Eldorado repaid the entire outstanding balance of the Silver Legacy credit facility, which amounted to roughly $52.6 million on a net debt basis.

Eldorado Resorts is a Reno, Nev.-based casino entertainment company. The Silver Legacy is a Nevada mining themed hotel-casino and entertainment complex, and Circus Circus Reno is a circus-themed hotel-casino and entertainment complex.

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