LAS VEGAS (AP) — Casino company Eldorado Resorts Inc. says it is selling two of its 26 properties and will use the proceeds to help it buy Caesars Entertainment Corp.
Reno-based Eldorado announced Thursday that Rhode Island-based Twin River Worldwide Holdings Inc. will buy the Lady Luck Casino in Vicksburg, Mississippi, and the Isle of Capri property in Kansas City, Missouri, for a combined $230 million.
The cash sales are expected to close early next year.
Union Gaming analyst John DeCree tells the Las Vegas Review-Journal the deal with Twin River could help fund Eldorado's $17.3 billion plan to buy Caesars and its more than 30 casinos in the U.S.
The purchase of Las Vegas-based Caesars, announced June 24, followed pressure from activist investor Carl Icahn.
It needs approval by gambling regulators and shareholders.