This week global betting group Eldorado Resorts announced that it has completed its purchase of Tropicana Entertainment for a whopping $1.85 billion.
The announcement of the initial deal was made earlier this year, but only finalized this week following regulatory approvals. The purchase of Tropicana will see 26 land casinos in 12 different states. Tropicana also has an important foothold into states such as New Jersey and Mississippi, which have recently legalized sportsbetting and will provide a new revenue stream for the company.
The formation of the new company will see Eldorado's current CEO Gary Cano will step down, with current CFO Thomas Reeg taking over the role on January 1st, 2019. The company feels that they've found $40 million in synergies that will reduce costs in the first year of the merger.
Commenting on the purchase Carano said, "Our acquisition of Tropicana marks a continuation of Eldorado's successful history of rapid growth through strategic, accretive acquisitions.
"Through this combination, we have significantly expanded the scale of our gaming operations, further diversified our geographic reach into new markets - some of which have already adopted sports wagering legislation - and minimised market-specific risk."