Two Colorado casinos purchased in $1.7 billion deal

Eldorado Resorts has agreed to buy Isle of Capri Casinos for $1.7 billion in combined stocks and cash, a move that will add 13 casino-resorts to the Reno-based company’s portfolio.

The deal announced Monday includes $929 million of long-term debt held by Isle of Capri Casinos. The company based in the St. Louis, Missouri-area operates 14 casino properties in Colorado, Florida, Iowa, Louisiana, Mississippi, Missouri and Pennsylvania.

Eldorado Resorts chairman and CEO Gary Carano told the Reno-Gazette Journal the deal will help spread his company’s risk across 20 casinos in 10 different states.

Eldorado’s expanded property portfolio will include about 20,800 slot machines and video lottery terminals, more than 560 table games and 6,500 hotel rooms. The company said in a news release it received the $2.1 billion in financing from J.P. Morgan.