Deals
Casino Fire Sale Rages, With Bally’s Fetching Just $25 Million
- Caesars, Eldorado unload three resorts in merger home stretch
- Low-priced sales aim to clear regulatory hurdles, analyst says
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Caesars Entertainment Corp. and Eldorado Resorts Inc., inching closer to completing their multibillion-dollar merger, announced a trio of casino sales that one analyst said were at “fire-sale prices.”
Caesars agreed to sell Bally’s in Atlantic City, New Jersey, for $25 million to Twin River Worldwide Holdings Inc., according to a statement Friday. The price amounts to just over two times the resort’s earnings before interest, taxes, depreciation and amortization -- at the low end of casino deals.