The parent company of the MontBleu Casino Resort & Spa on Tahoe's South Shore announced the sale of the property on Monday.
Reno-based Eldorado Resorts struck a $1.85 billion deal acquiring MontBleu and the Tropicana Laughlin Hotel and Casino in Southern Nevada, as well as casinos in Indiana, Louisiana, Mississippi, Missouri and New Jersey from Tropicana Entertainment.
"The acquisition of seven Tropicana Entertainment properties will allow Eldorado to enter two new gaming jurisdictions and deliver additional financial and geographic diversity to our operating base," company chairman and CEO Gary Carano said. "Ultimately, we believe that the addition of the highly complementary Tropicana Entertainment assets to the Eldorado Resorts family of properties will result in attractive near- and long-term growth for Eldorado and another opportunity to create new value for shareholders."
According to Eldorado Resorts, the purchase includes approximately 7,900 slot machines, 265 table games and 5,400 hotel rooms along with other dining, retail and entertainment amenities. The deal will expand Eldorado's portfolio to about 26,800 slot machines, 800-plus table games and more than 12,500 hotel rooms.
Eldorado will not be buying the land MontBleu sits on, but will enter into a lease for the acquired properties with an initial term of 15 years, with renewals of up to 20 years at the Eldorado's option.
MontBleu opened in 2006 and was the former Caesars Tahoe. The land is owned by Edgewood Companies, which also owns Edgewood Golf Course.
The structure was built in 1982.