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Twin River Worldwide Holdings has announced an agreement with Caesars Entertainment to acquire the Tropicana Evansville Casino in Indiana for $140m. The transaction’s structure will allow Twin River to take over the property without a cash outlay.
As part of the deal, Twin River will obtain the unencumbered rights to sports betting associated with the Evansville operations, along with the online gambling skins.
Acquisition details
Twin River is not the only company involved in the deal. According to the details of the acquisition, Gaming and Leisure Properties, Inc. (GLPI), a publicly-traded gaming-focused real estate investment trust, will acquire the casino real estate for $340m. GLPI will then lease it back to Twin River for $28m per year. This deal will be subject to escalation.
Part of the transaction also includes GLPI acquiring the real estate of a Twin River property in Dover, Delaware for $144m. The property will be leased back to Twin River for $12m a year, also subject to escalation.
Twin River president and chief executive officer, George Papanier, commented on the new transaction, stating that it is consistent with the company’s core strategy of acquiring strategic gaming assets at attractive valuations. The acquisition of the Tropicana Evansville Casino marks the tenth state in which Twin Rivers has operations.
We believe this property is a great fit for our portfolio.”
Papanier said the property will provide the company with access to the gaming market in Indiana where Twin River will look to advance its mobile and online sports betting and online gaming services.
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We believe this property is a great fit for our portfolio,” Papanier added.
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Acquiring Bally’s branding rights
The Evansville deal is not the only time Twin River has worked with Caesars this month. In mid-October, Twin River acquired the Bally’s casino brand from Caesars Entertainment for $20m.
Twin River plans to use the Bally’s name to rebrand almost its entire portfolio of properties. As part of the deal, Caesars will be allowed to keep the Bally’s name on its existing property in Las Vegas. Chairman of Twin River Worldwide Holdings, Soo Kim, sees the deal as an opportunity to revive a brand that is synonymous with American gaming.