Twin River completes acquisition of Eldorado properties
Twin River Worldwide Holdings has completed the acquisition of Eldorado Resorts’ Isle of Capri Casino in Kansas City, Missouri and the Lady Luck Casino in Vicksburg, Mississippi.
The $230m (£256.1m/€283.4m) acquisition is the latest in a series of strategic efforts to diversify the operator’s property portfolio.
“Isle Kansas City and Lady Luck Vicksburg 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,” George Papanier, president and chief executive officer of Twin River, explained.
In April, Twin River agreed to acquire the Eldorado Shreveport Resort and Casino in Louisiana and the Mont Bleu Casino Resort & Spa in Lake Tahoe, Nevada for a purchase price of $155m. In a separate deal, it agreed to the $25m acquisition of Caesars-owned Bally’s Atlantic City.
The deals are subject to Eldorado completing its acquisition of Caesars Entertainment in a $17.3bn merger, which is expected to be completed in Q1 2021. Following agreements on Twin River’s acquisition of the Eldorado Shreveport and Mont Bleu Casino Resort & Spa, the deal was approved by the Federal Trade Commission (FTC) in June.