Sports betting included
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.
Tropicana Evansville offers comfortable hotel rooms on the Ohio river and the hottest table-games, slots and video-gaming in Indiana on their casino floor. Caesars Rewards Local Caesars Entertainment and Eldorado Resorts have come together to create new experiences for you. On Tuesday, TRWH announced a deal to acquire the Tropicana Evansville casino operations in Indiana from Caesars for $140m. However, the deal requires no cash outlay on TRWH’s behalf, thanks to the. EVANSVILLE, Ind (WEHT) New COVID restrictions are starting this week at Tropicana Evansville. The Indiana Gaming Commission no longer permits drinking or smoking on the casino floor as long as Vand.
Caesars chief executive Thomas Reeg told the commission that it would keep up the Hammond casino ahead of a future sale. The company plans to retain ownership of the central Indiana casinos in Anderson and Shelbyville, while it is in the process of selling those in Evansville and the Louisville, Kentucky-area community of Elizabeth. 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.
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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.
We believe this property is a great fit for our portfolio,” Papanier added.
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.
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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. Twin River Worldwide Holdings chairman Soo Kim sees the deal as an opportunity to revive a brand that is synonymous with American gaming.