Bulletin: Eldorado Resorts Rating Unaffected By Casino Aztar Acquisition Apr 08
- ID: 1787250
- April 2008
- Standard & Poors
NEW YORK (Standard & Poor's) April 1, 2008--Standard & Poor's Ratings Services said today that its rating and outlook on Eldorado Resorts LLC (B/Stable/--) are unaffected by the company's announcement that it has entered into a definitive agreement with Tropicana Entertainment LLC (CCC/Watch Dev/--) to acquire Casino Aztar in Evansville, Ind. Eldorado will acquire Casino Aztar for up to $245 million, including $190 million in cash, a $30 million note, and $25 million in potential earnings incentives linked to the property's operating performance. We expect the company to secure additional debt financing to complete the acquisition, as cash on hand and availability under the revolving credit facility will not be sufficient to fund the purchase. The transaction is subject to...
Companies mentioned in this report are: Eldorado Resorts LLC
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