LINCOLN – Twin River Worldwide Holdings Inc. has entered into a definitive merger agreement with Dover Downs Gaming & Entertainment Inc. of Dover, Del., with the expectation that the new entity would become a publicly traded company under the Twin River name, the companies announced Sunday.
In its announcement, Twin River provided its 2017 revenue and profit as well, reporting net income of $63.5 million on revenue of $428.8 million.
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In 2017, Dover Downs reported a net loss of $1.1 million on revenue of $176.9 million, compared with a profit of $786,000 on revenue of $182.3 million in 2016.
“We’re excited about the many benefits we believe we will realize from the combination,” stated Twin River Executive Chairman John E. Taylor. “Dover Downs and its team are experienced in not only brick and mortar casino operations, but in sports betting, which we think will be helpful as we introduce that amenity at our properties, and in the online gaming sector, which continues to evolve nationwide. Equally important, we see real opportunities to grow the Dover Downs business through investment in its people and facilities, similar to what we have achieved with our other assets over the past several years.”
Twin River said that the merger would provide the company a physical presence in the Mid-Atlantic region in addition to its facilities in Rhode Island, Mississippi and Colorado.
As part of the merger, Dover Downs stockholders will exchange their stock for Twin River common shares representing 7.2 percent of equity in the merged company at closing.
Jeffrey W. Rollins, a director and member of the Audit Committee of Dover Downs, is expected to join the Twin River board of directors post-closing, pending regulatory approval.
The companies said the more information will be made available Monday morning.
Chris Bergenheim is the PBN web editor.
