US casino operator and owner Maverick Gaming has asserted the importance of nurturing and protecting existing assets after the firm surrendered the purchase of two land-based properties.
In January the company entered an agreement for the $230m purchase of the Eldorado Casino and Resort in Shreveport, Louisiana, before a second agreement saw the potential addition of Montbleu Resort Casino and Spa in Lake Tahoe, Nevada, stipulated last month.
However, Maverick agreed to forego both purchases given the current uncertain climate, stressing that “in a normal environment, we would be very excited to own them”.
On Friday it was revealed that Twin River Worldwide Holdings is to gain the two establishments, alongside Bally’s Atlantic City Hotel and Casino, for a combined $180m following deals with Eldorado Resorts, Caesars Entertainment and Vici Properties.
“At this time it is more important for Maverick to nurture and protect their existing assets than it is to expand our asset base” explained Eric Persson, owner of Maverick Gaming. “They are great assets, and in a normal environment, we would be very excited to own them.
“We have worked closely with our lenders and our existing cash position gives us adequate liquidity through the first quarter of 2021 without additional action. We like everyone else, look forward to the day our economy can restart again, our valued Maverick employees can start working, and our company can start to compete.”
Adding a combined 3,318 slots, 2,092 hotel rooms, 176 table games and in addition to 6,000 square feet of convention space to its portfolio, Twin River anticipates closing the Shreveport and Mont Bleu transactions in the first half of 2021.
The purchase of Bally’s is expected to be finalised in late 2020 or early 2021, subject to receipt of FTC and gaming regulatory approvals, financing and other customary closing conditions.
Structured as an asset purchase, covering certain assets of Bally’s and the property on which they are operated, the company will also acquire the license to build a sportsbook and launch online sports betting and igaming.