Now, a deal is in place for the Carano-controlled Eldorado Resorts Inc. to acquire full ownership of the two resorts with which its Eldorado Hotel is connected by skyway: the Silver Legacy and Circus Circus.
MGM Resorts is selling its 50 percent stake in those two properties to Eldorado Resorts for a reported $72.5 million. The deal signals MGM’s exit from the northern Nevada casino industry.
In a media release, Gary Carano, Chairman and Chief Executive Officer of Eldorado, commented, “The acquisition of these well-established properties represents a significant growth and expansion opportunity for Eldorado and is consistent with our strategy to enhance shareholder value by structuring transactions that are strategically and economically attractive. The acquisition is expected to be accretive to our operating results upon closing, builds the critical mass of our gaming operations, and fortifies our position in the increasingly attractive Reno gaming market.”
Carano added, “With the acquisition of Silver Legacy and Circus Circus Reno, we continue to execute our long-term plan for expansion. Upon completing the transaction, we will own the three leading downtown Reno casino resorts at a time when the Reno market and the surrounding region is recovering and attracting new businesses that should drive long-term economic support. I’m confident that the talent of our operating team, our understanding of the market — and long-term success in Reno — and our company-wide focus on excellence in guest service, combined with the market-leading amenities offered by Eldorado Reno, Silver Legacy and Circus Circus Reno, will position our company as a premier provider of casino gaming, entertainment, food and beverage and hospitality offerings in the Reno market.”
The Silver Legacy is a Nevada mining themed hotel-casino and entertainment complex which features an approximately 89,200-square-foot gaming floor with 1,340 slot machines, 63 table games, 1,711 hotel rooms (including 141 player suites, eight penthouse suites and seven hospitality suites), a 50,000-square-foot convention center, a race and sports book, two fine dining restaurants, a buffet, food court and four casual dining restaurants.
Circus Circus Reno is an iconic, circus-themed hotel-casino and entertainment complex which features an approximately 56,000-square-foot gaming floor with 906 slot machines, 35 table games, 1,571 hotel rooms (including 67 mini suites, four executive suites and four VIP suites), a sports book, two fine dining restaurants, a buffet and three casual dining restaurants. Circus Circus Reno also has a Midway featuring a total of 158 games, and a full service wedding chapel with reception services for groups of 25 or more.
Silver Legacy, Circus Circus Reno and the Eldorado property are seamlessly connected by a 200-foot-wide skyway corridor.
When the PBA needed a new home to host its World Series of Bowling VII in order to take advantage of a live, weekday, prime-time telecast slot offered by ESPN, the Silver Legacy stepped up as a presenting sponsor, making the move from the South Point Bowling Plaza in Las Vegas to Reno’s National Bowling Stadium possible.
Reno and the Stadium will continue to host multiple United States Bowling Congress national tournaments well into the future.