Twin River completes acquisition of Eldorado casinos

Twin River has expanded its casino portfolio with the acquisition of several Eldorado venues.

US casino operator, Twin River Worldwide Holdings, announced it has completed the acquisition of Eldorado Resorts’ Ilse of Capri Casino in Kansas City, Missouri and the Lady Luck Casino in Vicksburg, Mississippi.

The purchase price of the acquisition was $230m and subject to customary adjustments.

George Papanier, President and Chief Executive Officer of Twin River 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.

“We are very pleased to close on this transaction, the latest in our ongoing efforts to diversify our portfolio. Equally exciting are our three additional casinos under contract in Shreveport, Louisiana, Lake Tahoe, Nevada and Atlantic City, New Jersey.”

More acquisitions

In April, Twin River announced plans to acquire Eldorado Shreveport Resort and Casino in Louisiana and the Mont Bleu Casino Resort & Spa in Lake Tahoe, Nevada for $155m. Twin River also inked a separate deal to acquire the Caesars-owned Bally’s Atlantic City for $25m.

The deals are subject to Eldorado completing its acquisition of Caesars Entertainment in a $17.3bn merger which is expected to close in Q1 of 2021.

After the operators agreed Twin River’s acquisition of Mont Bleu Casino and Eldorado Shreveport, the merger was approved by the Federal Trade Commission (FTC) in June.

With these acquisitions, Twin River has managed to expand its US footprint. Once the deals are complete, Twin River will operate 12 casinos across eight states.

Casinos reopen

Lady Luck Vicksburg reopened on 21 May, after casinos in the state of Mississippi were given the green light to reopen after being ordered to close in March due to the coronavirus pandemic.

Last week, New Jersey became the latest state to allow casinos to reopen but can only operate at a maximum capacity of 25%. Casinos in the state reopened on 2 July with the reopening of five casinos in Atlantic City.

In mid-March, almost every single land-based casino in the US temporarily closed, with the exception of 16 small tribal venues, to help stop the spread of the coronavirus.

At the time of writing, according to the American Gaming Association’s (AGA) casino tracker, 831 casinos across the US have reopened, while 162 remain closed.

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