Eurazeo, the French private equity firm has confirmed that it is a co-investor in the buyout of Las Vegas casino operator, Station Casinos. Eurazeo has taken an equity stake worth US$200m (€136m) in the US group and is investing alongside US real estate investor Colony, the Fertitta family and the company’s management.
In a statement, the French firm confirmed that “Colony VII and VIII funds, management and other co-investors have invested in equity US$3.6 billion” and the deal puts an enterprise value of about US$9bn (€6.14bn) on the US casino owner.
Eurazeo also said in its statement “This transaction illustrates the strengthened partnership between Eurazeo and Colony, initiated with the creation of Colyzeo in 2003 and which now extends to co-investments in North America. After close analysis, Eurazeo concluded that this investment represents a unique opportunity to participate in a significant, value-creating project in the US gaming sector”
Station Casinos owns and operates 16 casinos in the Las Vegas area and achieved turnover of US$1.14bn (€777.8m) in 2006.