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Local News: Isle Casino sold again; buyer calls property "quality active" (6/18/19)



A Colorado-based casino company announced on Monday that it has entered into an agreement to purchase operating assets at Isle Casino Cape Girardeau and has indicated a hotel could be added to the property in the future.

In addition, Century Casinos announced that it is buying operations from Lady Luck Casino in Caruthersville, Missouri, and the Mountaineer Casino, Racetrack and Resort in New Cumberland, West Virginia. All three are owned by Eldorado Resorts Inc. in Reno, Nevada

Century Casinos, headquartered in Colorado Springs, Colorado, said it buys games and other operations on the three capabilities of about $ 107 million. Meanwhile, VICI Properties Inc., a real estate investment company based in New York, acquires the real estate assets of the three properties for approx. $ 278 million and will lease them back to Century Casinos.

"These are three quality assets in strong and stable gaming markets, each with a leading regional position and each with a long track record of producing solid and growing profitability," said Century Casino President and Director Peter Hoetzinger at a Conference Call Conference Monday, the two Missouri casinos and the West Virginia property "basically double the size of our business."

Company officials said the transaction is expected to close in early 2020, pending antitrust approval and approvals from the Missouri Gaming Commission and the West Virginia Lottery, "as well as other usual closures."

Lyle Randolph, vice president and general manager at Isle Casino here, said in a telephone interview w he learned from the pending sale late Sunday evening in a phone call from Eldorado Resorts. Randolph has so far said that it is "business as usual" on the Cape Girardeau casino and he does not expect significant changes in casino operations at least until the sale is completed.


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