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Twin River Worldwide Will Buy 2 Casinos From Eldorado Resorts For $230M

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Twin River Worldwide Holdings (NYSE: TRWH) will acquire two casinos from Eldorado Resorts (NASDAQ: ERI) in a cash transaction for $230 million.

The two casino operations are the real estate of Isle of Capri Casino Kansas City in Kansas City, Missouri and Lady Luck Casino Vicksburg in Vicksburg, Mississippi. Twin River Worldwide Holdings expects to finance the purchase price with available cash.

Related Link: Eldorado To Buy Caesars For $8.58B; VICI Gets 3 Properties From Eldorado

"This transaction continues our focus on creating long-term shareholder value as we strive to develop or acquire assets which we believe will prove accretive to our earnings," said George Papanier, CEO of Twin River Worldwide Holdings. "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 by our redevelopment and operating plans."

Twin River Worldwide Holdings shares closed Wednesday at $28.70. The stock has a 52-week high of $33.98 and a 52-week low of $27.90.

Eldorado Resorts shares closed at $47.35. The stock has a 52-week high of $54.99 and a 52-week low of $31.86.

 

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Posted-In: casinos George PapanierM&A News

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