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Mountaineer Casino sold in $385 million deal

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The deal should close in early 2020

Casino tax revenue

NEW CUMBERLAND, W. Va. (WKBN) – The owners of Mountaineer Casino in West Virginia announced Monday they have entered into an agreement to sell the facility and other properties for $385 million.

Eldorado Resorts said Mountaineer and two other properties in Missouri, Casino Cape Giradeau and Lady Luck are also part of the deal.

The operating assets of the properties are being purchased by Century Casinos, Inc. for $107 million while the land and real estate will go to VICI Properties, Inc., for $278 million.

“The sale price for these three properties represents an attractive multiple of their aggregate trailing twelve months cash flows and provides additional capital that we expect to deploy for shareholder value enhancing initiatives. Following the completion of these transactions, Eldorado will continue to benefit from our geographically diverse portfolio of regional gaming assets that we believe have the potential for further margin growth and increased cash flow.,” said Tom Teeg, chief executive officer of Eldorado.

The transaction is subject to regulatory approval.

The deal should close in early 2020.

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