Eldorado Casino is getting a new owner

In southern Nevada and casino operator Boyd Gaming Corporation has reportedly inked a deal that is to see it offload the landmark Eldorado Casino to local entity DeSimone Gaming Incorporated for an undisclosed amount.

According to a Thursday report from the Las Vegas Review-Journal newspaper, the venue in the Clark County city of Henderson opened in 1962 and features a 17,756 sq ft gaming floor alongside a sportsbook and three food outlets. However, the slots-only facility has been shuttered since March owing to the coronavirus pandemic with its Las Vegas-headquartered owner recently describing it as being ‘a non-core asset’ that had ‘represented a very modest part of our overall business.’

Retiring rank:

The newspaper reported that Eldorado Casino is one of the few casinos in Nevada to not have at least partially re-opened despite a June 4 concession from Governor Steve Sisolak. The President and Chief Executive Officer for Boyd Gaming Corporation, Keith Smith, purportedly told investors in October that his company would ‘probably’ look to revive operations at its nearby Main Street Station Casino, Brewery and Hotel and Eastside Cannery Casino Hotel first although such a move would be dependent on ‘how the business flows.’

Modest mover:

Josh Swissman from local gaming and hospitality consultancy The Strategy Organization reportedly told the Las Vegas Review-Journal that the 58-year-old Eldorado Casino has long been an outlier among Boyd Gaming Corporation’s portfolio of 28 gambling-friendly facilities in ten states owing to its small size and dearth of amenities.

Swissman reportedly told the newspaper…

“Eldorado Casino is not a complete full-service property like every other property owned by Boyd Gaming Corporation. It is probably realizing that it is able to retain and maintain a good portion of its database and gaming revenues without those shuttered properties from other properties around town that are open.”

Subsequent strategy:

For his part and Brendan Bussmann, Government Affairs Director for Las Vegas-based consulting enterprise Global Market Advisors, reportedly told the newspaper that DeSimone Gaming Incorporated will most likely now look to redevelop the single-story Eldorado Casino in order to increase synergies with its nearby Railroad Pass Hotel and Casino.

Bussmann reportedly told the Las Vegas Review-Journal…

“There’s an opportunity within that market to further develop that asset and create that niche within that portion of Henderson. It’s good to see somebody who has a local interest taking over the property.”