PROVIDENCE – Twin River Worldwide Holdings Inc. has entered into an agreement to acquire the Tropicana Evansville casino from Caesars Entertainment Inc. for $140 million, the company announced on Tuesday.
As part of the acquisition, another company, Gaming and Leisure Properties Inc., will purchase the real estate of the Indiana-based casino for $340 million and lease it back to Twin River for $28 million a year, initially. GLPI will also acquire the real estate at Twin River’s Dover, Del., facility for $144 million and lease it back to the company for $12 million per year.
It’s Okay Not to Be Okay: Why We Need to Talk About Maternal Mental Health
Q&A with Megin Dalton, MD, Center for Women’s Health at South County Health Each May,…
Learn More
Tropicana Evansville features 79,000 square feet of enclosed space, including 45,000 square feet of casino floor, four dining venues, a race and sportsbook and back-of-house space, the company said. The complex also includes 11,000 square feet of convention space adjacent to the casino, and an event center located across the street.
“This transaction is consistent with our core strategy of acquiring strategic gaming assets at attractive valuations and, importantly, represents the company’s entry into a 10th state. It also provides us with access to an attractive Indiana gaming market, in which we will look to significantly advance our mobile and online sports betting and iGaming initiatives,” said George Papanier, Twin River president and CEO. “We believe this property is a great fit for our portfolio. We are acquiring the operations at a value-accretive multiple, while also enhancing our interactive offerings.”
The deal is expected to lose in mid-2021.
Twin River now has 15 properties owned or under agreement for acquisition.
