NEW: Twin River Worldwide Holdings to Acquire Three Casinos from Eldorado and Caesars
GoLocalProv News Team
NEW: Twin River Worldwide Holdings to Acquire Three Casinos from Eldorado and Caesars
Separately, the company has entered into an agreement with Caesars Entertainment Corporationand Vici Properties Inc. to acquire Bally's Atlantic City Hotel & Casino for $25 million in cash.
Together, the acquisitions expand Twin River's footprint into three additional U.S. states -- the three properties combined contain 3,318 slots, 2,092 hotel rooms and 176 tables, in addition to 6,000 square feet of convention space at the Eldorado Shreveport Resort and Casino.
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"These acquisitions represent a unique opportunity to continue executing on our expansion and diversification strategy at attractive valuation multiples," commented George Papanier, President and Chief Executive Officer of Twin River. "We see significant opportunities to create cross marketing connections for customers at multiple Twin River locations, and we look forward to applying our proven operating and integration approach to drive incremental revenues and cash flows."
"Despite the uncertainties presented by the current health crisis, we continue to execute our strategy to position Twin River for long-term growth and profitability," Papanier added. "Completion of these transactions will meaningfully enhance our financial profile, while strengthening our presence in a number of key geographic markets."
Soo Kim, Chairman of the Twin River Board of Directors, stated, "This is a great deal for Twin River, and diversifies our business across eight states. It reaffirms our commitment to employees, customers and the communities in which we operate that Twin River will be stronger than ever."
For more information about the deals, go here.