Twin River's Crisafulli on Growth and National Acquisition Strategy - LIVE
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Twin River's Crisafulli on Growth and National Acquisition Strategy - LIVE
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"If you go back a year, we had four casinos in three states — and by next summer, we’ll have 13 casinos in nine states," said Crisafulli.
"It’s a dramatic transformation. And the thinking is, number one, we’re really set up well as a buyer of these assets - and there’s a lot of consolidation in the industry," he said. "For us, we want to try and add as many different properties as we can into our portfolio, especially at good prices and create a unified network of casinos across the country. A unified benefit of player rewards, and other synergies between the casinos."
"You also build up very large databases, and what that helps position us for is the digital side of the business, with sports betting and online casino and that’s something we want to turn our attention to in the future," said Crisafulli. " We feel very fortunate that we’ve been able to add so many of these casinos — and there are more coming in the near future. This upcoming quarter we’ll add New Jersey, [next quarter] we’ll add Nevada and Louisiana, the quarter after the Illinois — these are all really big states the we’re adding into the mix."
Bringing in the Bally's Brand
"Likely, it will not be a ‘Twin River’ property going forward," said Crisafulli of the acquisitions. "We’ve acquired the rights to the Bally brand and we’re working through that process right now, but in the future, it will likely be Bally property — that’s a brand that’s got some real equity in the gaming market and with our consumers."
"We’re in a very strong cash position, so that makes us an attractive buyer. So when people are divesting these assets, we like to think we’re the first person they call."