Twin Rivers Finalizes the Purchase of Eldorado Facilities

Gambling operator Twin River Worldwide Holdings has announced that their acquisition of Eldorado Resorts properties has been officially completed.

The bought venues in question are the Isle of Capri Casino in Kansas City and the Lady Luck Casino in Mississippi.

A Great Fit For the Portfolio

The purchase, which totaled a sum of $230 million…

…is one of the steps taken in order for the operator to diversify their property portfolio.

CEO and president of Twin River, George Papanier, said:

“Isle Kansas City and Lady Luck Vicksburg expand our geographic footprint with assets in attractive markets.

We believe these assets are a great fit for our portfolio and see the opportunity to increase the net cash flow from these properties with our redevelopment and operating plans.”

He added that the company is pleased to close on this transaction, which is the latest in the efforts of portfolio diversification. “Equally exciting are our three additional casinos under contract in Shreveport, Louisiana, Lake Tahoe, Nevada and Atlantic City, New Jersey.

We see significant opportunities to create cross marketing connections for customers at multiple Twin River locations nationwide.”

Deal After Deal

The acquisition deal between Twin River and Eldorado regarding the purchase of venues in Lake Tahoe, Nevada and Louisiana was agreed in April and the set purchase price was $155 million. Another, separate deal was agreed, regarding the purchase of $25 million Bally’s Atlantic City, owned by Caesar’s.

The deals come after the historic $17.3 billion merger of Eldorado with Caesars.

This particular merger will be completed in 2021’s first quarter. The deal was approved in June.

These latest acquisitions significantly expand Twin River’s footprint across the US. Once the deals are complete, the company will operate 12 properties in 8 states.

Source:

“Twin River completes acquisition of Eldorado properties”, igbnorthamerica.com, July 6th, 2020.