Eldorado Resorts is becoming a major force in the casino and gaming industry. After a number of acquisitions over the past few years, including Tropicana in 2018, the national casino operator has properties all over the country.
Eldorado Resorts now has 27 properties in 13 states and there are plenty of rumors that Eldorado isn’t done expanding their holdings. Here are states you can find an Eldorado Resorts property:
- New Jersey
- West Virginia
Eldorado Resorts expansion leads to a record-breaking year
On a recent earnings call, Eldorado touted how well business is going. In 2018, Eldorado Resorts had record-breaking operating results for the fourth quarter and full year. Business is doing well at both their existing and newer properties around the country.
Newly acquired properties like Tropicana in Atlantic City, NJ are doing better than expected but so are existing Eldorado properties. Overall, same-store sales saw a 22 percent increase in 2018 from the previous year.
Sports betting at Eldorado Resorts
Things are looking up for Eldorado Resorts and they expect sports betting will have a big impact on future growth. They currently operate casinos in five states with legal sports betting:
- New Jersey
- West Virginia
William Hill is Eldorado Resort’s main sports betting partner. The sportsbook operator will offer land-based and mobile sports betting solutions for Eldorado Resorts. Eldorado Resorts also has a 20 year deal with The Stars Group (AKA BetStars) as a second mobile sports betting partner.
In their earnings report, Eldorado had the following to say about sports betting:
“We also positioned the Company to benefit from the expected expansion of sports wagering and online poker and casino gaming through long term agreements with William Hill and The Stars Group to access our licenses for online sports wagering for real money online gaming and poker operations and, in the case of William Hill, operate our retail sportsbook. In connection with our agreements with William Hill and The Stars Group, we received equity interests in William Hill US, William Hill plc and The Stars Group, and we will also share in revenue generated from betting and online gaming activities. Our partnerships with Cordish, William Hill and The Stars Group are modeled, in part, after our successful joint venture that developed and opened a hotel at Scioto Downs in early 2017 and which has contributed to Scioto’s positive operating results.”
New customers thanks to sports betting
During the earnings call, Tom Reeg, chief executive officer of Eldorado Resorts, shared some information about their sports betting customers. They’re seeing new customers that are younger than the typical guests at their properties. These are new customers that wouldn’t have visited the casinos previous to legal sports betting.
The bottom line for Eldorado and sports betting is that it’s working exactly how they expected it would work. Expect to hear more about Eldorado as more states where they have casinos legalize sports betting.