Twin River Acquires Casino Tropicana Evansville

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August 31, 2022
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Casino Tropicana Evansville

Twin river worldwide holdings, inc. Announced the conclusion of an agreement on acquiring casino operations tropicana evansville from caesars entertainment, inc. For 140 million dollars. As a result of this structure, the twin river transaction will be purchased without any cash costs.

As part of this acquisition, gaming and leisure properties, inc., public investment fund real estate focus-oriented casino real estate in evansville for 340 million dollars and rent for $ 28 million a year. As a result, twin river will acquire an object in evansville, the ebitda indicator of which in 2019 amounted to 32 million dollars (after a preliminary lease estimate of $ 28 million), with the 4,4x 2019 ratio of ebitda with a portal amendment. As part of the transaction, glpi will acquire property in twin river in dover, delaware, for $ 144 million and return it to twin river for $ 12 million per year in case of escation.

Twin river will also receive unlimited rights to sports rates and igaming related to operations in evansville to gain access to the growing indiana market as part of the transaction.

"This transaction is consistent with our main strategy for the acquisition of strategic gaming assets for an attractive assessment and which is important, represents the company’s output for 10 states. She also provides us with access to the attractive indiana game market, on which we will look for opportunities to significantly promote our mobile and online sports and igaming initiatives, "said george papane, president and chief executive officer. "We believe that this property perfectly fits into our portfolio. We acquire operation on repeatedly increasing cost, and also expand our interactive proposals ».

Tropicana evansville has 79,000 square feet of closed rooms, including 45,000 square feet casinos, four restaurants, races, rates, as well as house space. The complex also includes 11,000 square feet conference room adjacent to the casino, riverfront event center conference center, located across the street, which includes 10,000 square feet of the conference room overlooking the ohio river.

After purchasing this property and taking into account the four additional objects currently under the contract, twin river will manage 15 objects in ten.

It expected that the transaction will be closed in the middle of 2021, subtject to the necessary permissions of regulatory authorities and other conventional closing conditions.

Source: twin river worldwide holdings, inc.

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