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Louisiana Gambling News Brief

Eldorado taking full casino ownership

CNNMoney,  Tuesday, March 18, 2008 at 6:15:57 PM

Eldorado Resorts Inc. has won the backing of state regulators to take full control of a Shreveport casino-hotel in a $9.2 million deal with a bondholders group.

Reno, Nev.-based Eldorado will acquire the group's 23.6 percent interest in the complex. The Louisiana Gaming Control Board approved the deal Tuesday.

The casino, originally known as Hollywood Casino, opened in 2000 but failed to live up to expectations. Shortly after its purchase by Penn National Gaming Inc., the casino went into default on $189 million in bonds and notes. Penn National put the casino up for sale after negotiations with bondholders failed.

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