The Casino Shuffle: Twin River acquires three casinos from Eldorado and Caesars
Twin River Worldwide Holdings, Inc. announced that it has entered into an agreement with Eldorado Resorts, Inc. to acquire Eldorado Shreveport Resort and Casino in Shreveport, Louisiana and the Mont Bleu Resort Casino & Spa in Lake Tahoe, Nevada for an aggregate purchase price of $155 million.
Separately, the Company has entered into an agreement with Caesars Entertainment Corporation to acquire Bally’s Atlantic City Hotel & Casino for $25 million in cash.
Together, these acquisitions significantly 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.
“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.”
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.”
