Twin River Worldwide Holdings, Inc. announced an agreement with Eldorado Resorts, Inc. on the acquisition of Eldorado Resort Casino – Shreveport in Louisiana and MontBleu Resort Casino & Spa in Lake Tahoe, Nevada. The combined purchase price of these two properties is $ 155 million. In addition, Twin River Worldwide has entered into an agreement with Caesars Entertainment Corporation and Vici Properties Inc. for the acquisition of Bally’s – Atlantic City for $ 25 million in cash.
Together, these acquisitions are reported to significantly expand Twin River’s presence in three more US states. The three complexes have 3,318 slot slots, 2,092 hotel rooms and 176 tables, and 6,000 square feet of conference room and Eldorado Shreveport Casino.
George Papagnier, President and CEO of Twin River, commented on the deal:
“These acquisitions represent a unique opportunity to continue our expansion and diversification strategy at attractive valuation ratios. We see significant opportunities to create cross-marketing connections for customers at multiple Twin River locations, and we look forward to applying our proven operational and integration approach to generate additional revenue and cash flow. ".