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Regulators approve sale of Shreveport casino

Wednesday, July 20, 2005 | 9:31 a.m.

BATON ROUGE, La. -- The $169.1 million sale of the Hollywood Casino, a riverboat casino and hotel complex in Shreveport that failed to live up to its initial expectations, to Eldorado Resorts was approved Tuesday by the Louisiana Gaming Control Board.

Eldorado, based in Reno, received approval Monday to buy the casino from a federal bankruptcy judge in Shreveport. Eldorado officials said they plan to rebrand the casino to something similar to its casino in Reno.

Eldorado owns and operates the Eldorado Hotel & Casino in Reno and is a joint venture partner with Mandalay Resort Group in the Silver Legacy Resort Casino, also located in Reno.

Hollywood Casino, which employs about 1,800, has been a disappointment ever since its opening in 2000.

Shortly after its purchase by Penn National Gaming Inc. in March 2003, the casino went into default on $189 million worth of bonds and notes. Penn National put the casino up for sale last year after negotiations with noteholders failed.

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