Twin River Worldwide Holdings is to add three properties to its growing portfolio following agreements made alongside Eldorado Resorts, Caesars Entertainment and Vici Properties.
The operator is to firstly acquire Eldorado Shreveport Resort and Casino in Louisiana and the MontBleu Resort Casino and Spa in Lake Tahoe, Nevada for $155m from the former, as well as Bally’s Atlantic City Hotel and Casino for $25m from Caesars, who will receive $6m, and Vici, gaining the remaining $19m.
“These acquisitions represent a unique opportunity to continue executing on our expansion and diversification strategy at attractive valuation multiples,” explained George Papanier, president and CEO 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.”
Adding a combined 3,318 slots, 2,092 hotel rooms, 176 table games and in addition to 6,000 square feet of convention space to its portfolio, Twin River anticipates closing the Shreveport and Mont Bleu transactions in the first half of 2021.
The Bally’s transaction is expected to be finalised in late 2020 or early 2021, subject to receipt of FTC and gaming regulatory approvals, financing and other customary closing conditions.
Structured as an asset purchase, covering certain assets of Bally’s and the property on which they are operated, the company will also acquire the license to build a sportsbook and launch online sports betting and igaming.
“We look forward to the reopening of Bally’s Atlantic City as soon as appropriate once the public health emergency related to COVID-19 has passed,” said Caesars CEO Tony Rodio. “We appreciate Twin River’s commitment to this property, which has a great future ahead under its stewardship.”
John Payne, President and COO of Vici Properties, added: “The sale of Bally’s Atlantic City demonstrates our ongoing commitment to work collaboratively with our tenants to optimise our individual businesses, even during these unprecedented times.
“This transaction allows us to maintain the existing financial terms of our master lease with Caesars and helps balance our geographic diversification as we work to complete the acquisition of Harrah’s Resort Atlantic City.”