Maverick Gaming has entered into a definitive agreement to purchase the Eldorado Casino and Resort in Shreveport, Louisiana from Eldorado Resorts in a deal worth $230m. The transaction, once completed, will add approximately 1,500 slots, 50 table games, over 400 hotel rooms and six restaurants to the Maverick portfolio.

The company stated that it intends to fund the acquisition primarily with cash on hand and financing from private investment firms HG Vora Capital Management and Angelo Gordon

“Maverick continues to bet on diversified economies as we expand our gaming portfolio,” said owner Eric Persson. “The population in the Dallas market exceeds 7.5 million people, and Dallas encompasses the third-largest concentration of Fortune 500 companies in the United States. 

Maverick’s focus to date has been on the growing, vibrant and dynamic economies of Salt Lake City, Utah Seattle, Washington and Denver, Colorado. The company now adds Dallas to that list.” 

On the funding side of the deal, he added: “HG Vora is an important financing partner for Maverick Gaming with deep experience in the gaming and lodging sector, and we are pleased to also begin a new strategic partnership with Angelo Gordon, a firm that brings a strong track record in providing innovative finance solutions. We look forward to growing our portfolio over the near term in partnership with both investment firms.”

In a separate statement from Eldorado, CEO Tom Reeg said: “The agreement to divest the Eldorado Shreveport is consistent with our continued focus on reducing debt ahead of the expected closing for the Caesars transaction in the first half of 2020.”