American casino operator Twin River Worldwide Holdings Incorporated has announced that its estate now encompasses nine venues following the official acquisition of a brace of riverboat properties from compatriot Eldorado Resorts Incorporated.
The New York-listed firm used an official Thursday press release to detail that it has completed the deals to purchase the Lady Luck Casino and Hotel Vicksburg with its 25,000 sq ft gaming floor as well as the even larger Isle of Capri Casino Kansas City and has subsequently changed the pair’s names to Casino Vicksburg and Casino KC respectively.
Conflation concerns:
Twin River Holdings Incorporated is moreover responsible for the Twin River Casino Hotel and Tiverton Casino Hotel in its home state of Rhode Island in addition to a trio of casinos in the Colorado community of Black Hawk. The Providence-headquartered firm explained that the purchase of the Mississippi and Missouri properties was initially agreed just over a year ago for an aggregate price of around $230 million so as to leave Eldorado Resorts Incorporated free to concentrate on its own envisioned $17.3 billion merger with larger rival Caesars Entertainment Corporation.
Expanding estate:
George Papanier, President and Chief Executive Officer for Twin River Holdings Incorporated, used the press release to pronounce that his company’s portfolio is to soon encompass a further three venues in the Eldorado Resort Casino Shreveport, Montbleu Resort Casino and Spa Lake Tahoe and 1,251-room Bally’s Atlantic City. He stated that these purchases for an aggregate price of around $180 million will subsequently see his firm running some 4,860 slots alongside 189 gaming tables at twelve properties in eight states.
Read a statement from Papanier…
“We are very pleased to close on this transaction, the latest in our ongoing efforts to diversify our portfolio. Equally exciting are our three additional casinos under contract in Shreveport, Louisiana, Lake Tahoe, Nevada, and Atlantic City, New Jersey. We see significant opportunities to create cross-marketing connections for customers at multiple locations nationwide.”
Promising pair:
Twin River proclaimed that Casino KC ‘is readily accessible to suburban traffic’ due to being ‘located at a premier location on the riverfront near downtown’ Kansas City and features a 40,000 sq ft gaming floor offering a selection of 939 slots alongside 13 gaming tables. Regarding Casino Vicksburg and the operator declared that the venue is currently running at 50% capacity due to the coronavirus pandemic but will eventually be free to present punters with a selection of up to 603 slots on top of eight electronic table games.
Papanier’s statement read…
“Casino Vicksburg and Casino KC expand our geographic footprint with assets in attractive markets. 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.”