Twin River pays $180m three casinos from Caesars and Elorado

Twin River acquisitions
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Twin River Worldwide Holdings has acquired three casinos from Caesars Entertainment and Eldorado Resorts in two deals totalling $180m.

 

Twin River announced that it would purchase Eldorado Shreveport Resort and Casino in Louisiana and the Mont Bleu Resort Casino and Spa in Lake Tahoe, Nevada for an aggregate price of $155m.

Eldorado previously agreed to sell the two properties to Maverick Gaming, however the firm said it had “terminated” these deals and returned Maverick’s deposits.

Twin River will also purchase Bally’s Atlantic City Hotel and Casino from Caesars Entertainment for $25m in a separate agreement.

This deal is expected to close by the end of the year, while the Eldorado transaction will follow in the first half of 2021, pending regulatory approvals.

“These acquisitions represent a unique opportunity to continue executing on our expansion and diversification strategy at attractive valuation multiples,” said Twin River’s president and CEO, George Papanier. “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. Completion of these transactions will meaningfully enhance our financial profile, while strengthening our presence in a number of key geographic markets.”


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