Twin River enters into agreement to purchase casinos in Miss., Mo.

A RENDERING of a potential redevelopment for the casino property in Kansas City that Twin River has entered into an agreement to acquire. / COURTESY TWIN RIVER WORLDWIDE HOLDINGS
A RENDERING of a potential redevelopment for the casino property in Kansas City that Twin River has entered into an agreement to acquire. / COURTESY TWIN RIVER WORLDWIDE HOLDINGS

PROVIDENCE – Twin River Worldwide Holdings Inc. announced Thursday that it has entered into a definitive agreement to acquire two casinos for $230 million from Eldorado Resorts Inc. The gaming facilities are located in Kansas City, Mo., and in Vicksburg, Miss.

The deal, if consummated, will see Isle of Capri Casino Kansas City and Lady Luck Casino Vicksburg added to the company’s portfolio. The Kansas City casino, located on the Missouri River, has 40,000 square feet of gaming space, 939 gaming machines, 13 table games and two dining venues. The Vicksburg casino, located on the Mississippi River, features 25,000 square feet of gaming space, 603 slot machines, eight electronic table games, three dining locations and an 89-room hotel.

“This transaction continues our focus on creating long-term shareholder value as we strive to develop or acquire assets which we believe will prove accretive to our earnings,” George Papanier, president and CEO of TRWH, said in a statement. “Isle Kansas City and Lady Luck Vicksburg expand our geographic footprint with assets in attractive markets. … In particular, in Kansas City, where the property lies within an area near downtown that has been targeted by local officials for development, we feel there is opportunity for capital investment in the property which we believe will have a transformative impact and integrate well with local development efforts in the area.”

Twin River said that the purchase price represents an implied trailing 12-month proforma earnings before interest, taxes, depreciation and amortization of 8.4x. The deal is projected to close in early 2020 and is subject to regulatory approvals.

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The company’s current properties include the Twin River Casino Hotel in Lincoln, the Tiverton Casino Hotel in Tiverton, Dover Downs in Dover, Del., The Hard Rock Hotel & Casino Biloxi in Biloxi, Miss., and Arapahoe Park in Aurora, Colo.

The company has an agreement to acquire three casino properties in Colorado from Affinity Gaming.

Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.