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Twin River buys 3 casinos for $180 million from Eldorado, Caesars Gambling
Nitya Jain
Posted on 27 Apr, 2020
By Nitya Jain
On 27 Apr, 2020
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By Nitya Jain
On 27 Apr, 2020
Share

Twin River buys 3 casinos for $180 million from Eldorado, Caesars


A casino in the smallest state is now making the biggest deal of the year, the US casino operator Twin River Worldwide Holding (TRWH) has acquired three casinos from Caesars Entertainment and Eldorado Resorts, including Bally’ Atlantic City. This move could possibly remove the major obstacle between the ongoing Caesars and Eldorado $17.3 billion merger.

On Friday, TRWH announced that it is buying Bally’s Atlantic City Hotel and Casino from Caesars for $25 million. It is also purchasing Eldorado Shreveport Resort and Casino in Shreveport, and Mont Bleu Resort Casino and Spa in Lake Tahoe from Eldorado Resorts for an aggregate purchase price of $155 million. Bally’s struggles led Caesars to shutting the venue in 2014, the year in which AC’s then-12 casinos reduced to just eight.

“This is a great deal for Twin River, and diversifies our business across eight states,” said Soo Kim, chairman of the company’s board of directors. “It reaffirms our commitment to employers, customers and the communities in which we operate that Twin River will be stronger than ever.” The three properties combined will have 3,318 slots, 2,092 hotel rooms and 176 tables, in addition to 6,000 square feet of convention space at the Eldorado Shreveport Resort and Casino.

“It will significantly reduce the level of economic concentration, and that will make it a lot easier for the [New Jersey] Casino Control Commission to approve it,” said Daniel Heneghan, a gambling analyst and former longtime spokesman for the commission. “The fact that it is being sold to a new player for the market here will help increase competition. I’m sure the need to get New Jersey approval was a big factor in deciding to sell the property.”

The move expands Twin River’s geographic reach into three additional states. The company currently owns and manages seven casinos: two in Rhode Island, one in Mississippi, one in Delaware, and three casinos and a horse racetrack in Colorado.

For more updates on casinos and poker industry around the world, keep reading GutshotMagazine.com and stay tuned!

Twin River buys 3 casinos for $180 million from Eldorado, Caesars


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