Bally’s Corporation has acquired Eldorado Resort Casino Shreveport from Caesars Entertainment for a total purchase price of $140m.

The company funded the acquisition using cash on hand and with available borrowings under its revolving credit facility.

The transaction is dependent on customary adjustments. Macquarie Capital and Milbank represented Caesars Entertainment on the deal.

Eldorado Resort Casino Shreveport was acquired by Caesars Entertainment 15 years ago.

Caesars Entertainment CEO Tom Reeg said: “The completion of the sale of Eldorado Resort Casino Shreveport satisfies the Federal Trade Commission request to divest the asset in connection with the Caesars-Eldorado transaction which closed earlier this year.”

Located in the US state of Louisiana, the property is situated on the banks of the Red River.

Eldorado Resort Casino Shreveport includes 403 hotel rooms 1,401 slots, and 54 tables.

Bally’s Corporation president and chief executive officer George Papanier said: “Eldorado Shreveport represents the latest step in our ongoing portfolio diversification strategy, expanding our rapidly growing geographic footprint into the attractive Shreveport/Bossier City market.

“Eldorado Shreveport is a first-class, premier entertainment asset that is emblematic of the iconic Bally’s brand.

“With the close of this transaction, we are looking forward to integrating Eldorado Shreveport into the Bally’s family, and implementing our proven strategic initiatives to drive growth and revenue improvements.”