Twin River Buying Two Casinos from Eldorado, One from Caesars
Twin River has agreed to deals to buy two Eldorado Resorts casinos – one in Louisiana and one in Nevada — as well as a deal to purchase a Caesars casino property in New Jersey.
The deals are contingent on the long-proposed merger of Eldorado and Caesars being finalized.
Twin Rivers Worldwide Holdings will expand into three more states with the deals, according to a company news release issued April 24. Combined, the company’s three new casinos will add more than 3,000 slots and 176 tables to Twin River’s profile as well as more than 2,000 hotel rooms.
Details on Three Casino Deals
Twin River will purchase two Eldorado properties — Eldorado Shreveport Resort and Casino in Shreveport, Louisiana; and Mont Bleu Casino & Spa in Lake Tahoe, Nevada.
The Shreveport property has about 1,400 slots and 54 gaming tables in a hotel with 403 rooms and about 6,000 feet of convention space. The Mont Bleu space has 418 slots, 17 tables and 438 hotel rooms.
The total for the two properties is $155 million, according to the Twin River release.
Twin River is also purchasing Bally’s Atlantic City Hotel and Casino in New Jersey for $25 million in cash, the release said. That property has 105 tables, more than 1,500 slots and 1,251 hotel rooms.
"These acquisitions represent a unique opportunity to continue executing on our expansion and diversification strategy at attractive valuation multiples," Twin River President and CEO George Papanier said. "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."
Twin River’s Growing Profile
Last year, Twin River agreed to purchase the Isle of Capri Casino in Kansas City, Missouri, as well as the Lady Luck Casino in Vicksburg, Mississippi, from Eldorado.
Twin River also owns both commercial casinos which operate legal sportsbooks in Rhode Island — the Twin River Casino Hotel in Lincoln and the Tiverton Casino Hotel property in Tiverton. Mobile sports betting is available but Rhode Island sports bettors must register in person at one of the two casinos, one of the factors in the slow start Rhode Island sports betting has had since the state began taking bets in November 2018.
More on Eldorado and Caesars Deal
The deal between Eldorado and Caesars has been on the table for quite a while. When it is complete, the combined holdings will include more than 60 casinos in 16 states.
Eldorado has tried to sell the Louisiana property before. The company struck a deal with Maverick Gaming to sell the Eldorado Resort and Casino in Shreveport to Maverick in 2019. But that agreement did not go through. Eldorado terminated that deal and another casino agreement with Maverick, according to a Wall Street Journal article, and returned all deposits.
According to that story, VICI Properties will get $19 million from the Bally’s sale and Caesars will get $6 million. The Bally's property is in the heart of the New Jersey casino market, at a prime location in Atlantic City.