Nov. 19–Eldorado Resorts Inc. today received the final blessing of state regulators to take over MGM Resorts International's ownership of two Reno casinos.
The Nevada Gaming Commission approved Eldorado Resorts' purchase of Circus Circus Reno and half of the Silver Legacy, both of which it is acquiring from MGM Resorts. Eldorado Resorts already owns the other half of the Silver Legacy.
When the sale was first announced in July, Eldorado Resorts said it would pay $72.5 million in cash. The Northern Nevada company owns casinos in Reno, Louisiana, Pennsylvania, Ohio and West Virginia.
The company already owns the Eldorado Reno casino, which is physically connected to Circus Circus and the Silver Legacy via pedestrian bridges. Owning all three makes Eldorado Resorts the dominant casino company in the region.
Thomas Reeg, the president of Eldorado Resorts, told commissioners that the Reno gaming market is on the rebound.
"Reno has been on fire from our standpoint," he said. "We're very excited about the timing of when we combine these assets."
The company is controlled by members of the Carano family. Gene Carano, the senior vice president of operations, said Eldorado Resorts was proud to bring Circus Circus Reno into its portfolio of properties and plans to invest there.
In addition to expanding Eldorado Resorts' business interests in Reno, the deal also advances moves MGM Resorts has made to sell some properties it acquired when its predecessor, MGM Mirage, bought Mandalay Resort Group in 2005. MGM Resorts previously sold the Railroad Pass in Henderson and the Gold Strike in Jean.
