As children, the names of exotic locations like Eldorado, Atlantis, and Tropicana conjured up images of ancient lost cities laden with gold and treasure. In 2018 while there is still a strong link to treasure and gold, their locations are no longer lost. In fact every year tens, if not hundreds, of thousands of people try to win their share of treasure in Atlantic City’s brick casinos or venues like Eldorado Resorts, not to mention NJ online casinos like Tropicana Online Casino.
Well, there is now something else besides old legends that link these names - Eldorado Resorts are now the proud owners of Tropicana Online Casino.
In a recent press event, the Reno-based company officially announced that they had concluded the acquisition of Tropicana Entertainment Inc. In their press release, we were told that this deal:
“Creates a premier, diversified regional gaming platform with a combined annual revenue of more than $2.7 billion.”
Said to be worth around $1.85 billion, the deal makes Tropicana Online Casino a subsidiary of Eldorado Resorts. The group now consists of seven casinos spread across six states, with Tropicana Atlantic City, its only interest currently located in the Garden State giving them access the flourishing NJ sports betting scene.
More often than not, the first time we hear of the deal is at the official announcement when in reality, the negations and red tape could easily have been going on in the background for months if not years. According to those in the know, the process for this particular deed started back in April when Carl Icahn, owner of Tropicana and Tropicana Online Casino, agreed in in principle to sell to Eldorado Resorts.
Now half a year later Tropicana Online Casino, which was badly in need of some serious TLC, now finds itself in the hands of an excited and energized ownership group.
Even though sports betting has been spreading across the US like wildfire, the Tropicana move is the first indication that Eldorado Resorts might have designs on this part of the market. But as now, and despite any plans they may or may not have, they are not yet sports betting players.
But if we look at their earnings calls of August, it’s clear that they have been watching to make the NJ sports betting closely from the sidelines, looking for the perfect moment to enter the market.
When Eldorado Resorts bought Tropicana it placed itself in the plum seat because it can now tempt New Jersey punters with sports betting offering while also sizing up the large markets of NY and PA.
With all of the hype latest announcement, you’d be forgiven if you forgot about the previous one. At that event, just over a month ago, Eldorado Resorts announced William Hill, the well known British bookmakers as their “exclusive partner in the provision of digital and land-based sports betting services as well as online gaming.”
In early September Tropicana Online Casino announced that they would soon have a sportsbook of their own. What we didn’t know is that they would have the sportsbook in conjunction with Eldorado Resorts.