ally's Corporation today announced that it has completed the previously announced acquisition of MontBleu Resort Casino & Spa from Caesars Entertainment, Inc.
George Papanier , President and Chief Executive Officer of Bally's Corporation, said, "MontBleu is a premier entertainment asset that is commensurate with the iconic Bally's brand, and advances our ongoing portfolio diversification strategy. With the close of this transaction, we look forward to integrating the property into the Bally's family, and utilizing it as an attractive destination for our loyal Bally's customers to drive visitation to Lake Tahoe ."
MontBleu is located in Stateline, Nevada , which is situated minutes from Lake Tahoe offering spectacular views of the Sierra Nevada mountains.
The closing satisfies Caesars' agreement with the Federal Trade Commission to divest the asset in connection with the Caesars-Eldorado merger, which closed in July 2020.
Last year, the Eldorado Shreveport Resort and Casino in Shreveport, Louisiana and the MontBleu Resort Casino & Spa in Lake Tahoe, Nevada were sold together for $155M in cash.
"I want to thank the Team Members of MontBleu for all of their hard work and dedication throughout the years with the Caesars organization, particularly during the COVID-19 pandemic," said Tom Reeg, CEO of Caesars Entertainment, Inc. "We wish all of them continued success under Bally's ownership."
Macquarie Capital and Milbank LLP represented Caesars Entertainment on the transaction.