Isle of Capri’s planned sale to Eldorado Resorts finalized
RENO, Nevada — Isle of Capri, owner of the Isle Casino Hotel Bettendorf, has officially been sold to Nevada-based gaming company Eldorado Resorts for $1.7 billion, according to a report in the St. Louis Business Journal.
The sale had been in the works since late 2016, around the time the Bettendorf casino moved from the Mississippi River to a new land-based facility.
Isle owns or operates 14 casino properties, including the Bettendorf facility and the Isle Casino Hotel Waterloo, in addition to casinos in six additional states.
The deal involved Eldorado taking on Isle’s long-term debt of $929 million. Eldorado will add the Isle properties to the 19 casinos it owns in 10 states, according to a press release regarding the deal.
“We are delighted to welcome the Isle shareholders and team members to the Eldorado family,” Eldorado CEO Gary Carano said in a statement. “We believe that Eldorado is positioned for continued growth with a portfolio of premiere regional gaming assets.”
Last September, Bettendorf’s economic development director Jeff Reiter noted the casino and hotel complex is a key cornerstone of the city’s new downtown development plans.
“Hopefully, this is a great forward-thinking endeavor,” Reiter said at the time. “Our downtown will be the benefactor of this, and we can see some nice new growth.”
According to Isle’s most recent proxy, nearly 40 percent of the company is controlled by members of the Goldstein family, which also owns Alter Trading Corp., one of St. Louis’ largest privately held companies, the St. Louis Business Journal reported.