Mountaineer Casino in West Virginia has officially been sold. It’s a huge change for what was one of West Virginia’s biggest casinos. Eldorado Resorts is selling both the casino operations and property.
West Virginia has made some major strides in its gambling market over recent years. This state now has a fully legalized sports betting and casino market. Is Eldorado making a mistake by leaving this state?
Eldorado Resorts Officially Sells Mountaineer Casino
Eldorado Resorts has had a busy few years. In early June, this major casino operator acquired a license for the Tropicana Hotel in Atlantic City. More than a year prior, this company purchased Tropicana Entertainment Ltd. for $1.85 billion.
This purchase came with seven of Tropicana’s casinos. Eldorado now controls news casinos in six different states.
Officials in Eldorado have confirmed that it’s sold the Mountaineer Casino located in West Virginia. Century Casinos have acquired the operating aspects of this casino for $107 million. VICI Properties acquired the land and real estate for $278 million.
CEO of Eldorado Resorts Tom Teeg commented on the recent sale by stating, “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.”
What Are Some More of West Virginia’s Biggest Casinos?
West Virginia is home to five major casinos. Four of these are racinos. These provide lines on greyhound racing events. It’s a little difficult to say which of these casinos is the most popular.
As we mentioned before, the Mountaineer Casino was one of West Virginia’s biggest casinos for years. The Hollywood Casino in Charles Town now claims that title. This casino brought in more than $381 million in 2016.
West Virginia does not allow internet gambling. According to the current set of laws, any forms of gambling that are not directly approved by the state government are banned. With that being said, many online gambling sites in the US are available in West Virginia.
Lawmakers in West Virginia are proposing new casinos in the state. As of June of 2019, however, no plans for any additional casinos have been finalized.
Eldorado Resorts Committed to Atlantic City
It’s not entirely surprising to see Eldorado sell the Mountaineer Casino. They spent nearly $2 billion to purchase Tropicana Entertainment. Selling some of the less-profitable establishments will help to make that money back.
Atlantic City remains the hotspot for Eldorado. Not long ago, this city recorded its 12th straight month of revenue increase. With legal sports betting and new casinos, Atlantic City’s economy has never been stronger.
Eldorado is excited to begin operating in Atlantic City. The Tropicana Casino here is one of the most lucrative casinos in the city.
There are no signs that Atlantic City’s huge revenue figures are slowing down anytime soon. Some analysts feel that this city may begin competing with Las Vegas in terms of overall gambling revenue.
One of West Virginia’s biggest casinos is under new management. Stay tuned for updates on what will come next!