Twin River Worldwide Holdings has completed the acquisition of Eldorado Resorts’ Isle of Capri Casino in Kansas City, Missouri and the Lady Luck Casino in Vicksburg, Mississippi.
The $230m (£256.1m/€283.4m) acquisition is the latest in a series of strategic efforts to diversify the operator’s property portfolio.
“Isle Kansas City and Lady Luck Vicksburg expand our geographic footprint with assets in attractive markets. We believe these assets are a great fit for our portfolio and see the opportunity to increase the net cash flow from these properties with our redevelopment and operating plans,” George Papanier, president and chief executive officer of Twin River, explained.
“We are very pleased to close on this transaction, the latest in our ongoing efforts to diversify our portfolio,” he continued. “Equally exciting are our three additional casinos under contract in Shreveport, Louisiana, Lake Tahoe, Nevada and Atlantic City, New Jersey.
“We see significant opportunities to create cross marketing connections for customers at multiple Twin River locations nationwide.”
In April, Twin River agreed to acquire the Eldorado Shreveport Resort and Casino in Louisiana and the Mont Bleu Casino Resort & Spa in Lake Tahoe, Nevada for a purchase price of $155m. In a separate deal, it agreed to the $25m acquisition of Caesars-owned Bally’s Atlantic City.
The deals are subject to Eldorado completing its acquisition of Caesars Entertainment in a $17.3bn merger, which is expected to be completed in Q1 2021. Following agreements on Twin River’s acquisition of the Eldorado Shreveport and Mont Bleu Casino Resort & Spa, the deal was approved by the Federal Trade Commission (FTC) in June.
Isle Kansas City reopened on June 1, after all Missouri casinos closed their doors on March 18 as a result of the novel Coronavirus (Covid-19) pandemic. The property currently has the ability to operate all amenities, including its 40,000 square feet of casino space.
Lady Luck Vicksburg reopened on May 21, after casinos across Mississippi were also ordered to halt business in March.
These latest acquisitions significantly expand Twin River’s footprint across the US. Once the deals are complete, the company will operate 12 properties in 8 states.