Eldorado Resorts agreed to acquire Isle of Capri Casinos for about $950 million, and will almost triple its portfolio of resort casinos as a result.

Eldorado, whose properties include eponymous resorts in Nevada and Louisiana as well as the Silver Legacy and Circus Circus resorts in Reno, said Monday that it will pay $23 a share for Isle of Capri, or 36% more than the company’s closing price on Friday.

As part of the acquisition, Eldorado will assume $929 million in long-term debt. Eldorado expects to complete the acquisition by next June.

With the buyout, Eldorado's number of resort casinos will grow from seven to 20, and the company will have properties in 10 states under the Isle of Capri and Lady Luck brands. The combined company will operate more than 6,500 hotel rooms and almost 21,000 slot machines.


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