Eldorado To Buy MGM's Stake In Silver Legacy Resort Casino Reno

(RTTNews) - Eldorado Resorts Inc (ERI) on Tuesday agreed to buy MGM Resorts International (MGM)'s 50 percent interest in the Silver Legacy Resort Casino Reno, as well as all of the assets of Circus Circus Reno, for total consideration of $72.5 million cash, subject to a working capital adjustment.

In addition, Eldorado expects that it will repay amounts outstanding under the Silver Legacy credit facility, of which approximately $60 million was outstanding at March 2015 on a net debt basis. Eldorado and its affiliates already own the other 50 percent interest in Silver Legacy.

The transaction is expected to be completed by year-end 2015.