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Twin River completes acquisition of two casinos from Eldorado Resorts

3rd July 2020 10:31 am GMT
Playtech

New York-listed casino operator Twin River Worldwide Holdings has completed its $230m acquisition of two venues from Eldorado Resorts in Missouri and Mississippi.

Twin River has now taken over operations at the Isle of Capri Casino Kansas City in Missouri and Lady Luck Casino Vicksburg in Mississippi.

The sale of the two casinos is part of Eldorado Resort’s efforts to reduce debt ahead of the expected closing of its merger with Caesars Entertainment.

“Isle Kansas City and Lady Luck Vicksburg expand our geographic footprint with assets in attractive markets,” said Twin River president and CEO George Papanier. “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.”

The completion follows Twin River’s recent deal with Eldorado Resorts to acquire Eldorado Shreveport Resort and Casino in Louisiana and the Mont Bleu Resort Casino & Spa in Nevada, as well as Caesars Entertainment's Bally's Atlantic City Hotel & Casino in New Jersey.

“Equally exciting are our three additional casinos under contract in Shreveport, Louisiana, Lake Tahoe, Nevada and Atlantic City, New Jersey,” continued Papanier. “We see significant opportunities to create cross marketing connections for customers at multiple Twin River locations nationwide.”

Shares in Twin River Worldwide Holdings Inc. (NYQ:TRWH) closed 0.18 per cent lower at $22.15 per share in New York Thursday, while shares in Eldorado Resorts Inc. (NSQ:ERI) closed up 0.83 per cent at $41.20 per share.

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