Twin River Worldwide Acquires 2 El Dorado Resort Casinos
Twin River Worldwide Holdings, Inc. announced today that it has entered into a definitive agreement to acquire operations and properties at Isle of Capri Casino in Kansas City, Missouri, and Lady Luck Casino in Vicksburg, Mississippi, through a $230 million cash transaction from El Dorado Resorts, Inc.
The purchase price expects to be approximately 8.4 times the 12-month proforma revenue before interest, taxes, depreciation costs and amortization on the property on a combined basis. This multiple excludes the impact of potential cost synergies or possible revenue enhancement opportunities in operational improvements and anticipated capital investments. The acquisition is expected to add to the revenue immediately. The Company expects to raise the purchase price with available cash.
“This transaction continues to focus on generating long-term shareholder value as we work to develop or acquire assets we believe will benefit our bottom line,” said George Papanier, President and CEO of TRWH. “Ireland Kansas City and Lady Luck Vicksburg expand our geographic footprint with assets in attractive markets. We believe this asset fits our portfolio well and see opportunities to increase net cash flow from this asset through redevelopment and operational planning. Specifically, in Kansas City, located in the neighborhood near downtown that local officials have targeted for development, we feel there is a capital investment opportunity for the property that we believe will have an innovative impact and integrate well with local development efforts in the region.”
Capri Casino Kansas City is located in Kansas City, Missouri, close to downtown Kansas City and the Berkeley Riverfront. The property consists of approximately 40,000 square feet of casino space, 939 game consoles, 13 table games, and two dining areas. It is located at the top of the riverside near downtown and provides easy access to suburban transportation. The Company anticipates substantial changes to the location of the casino, and renders of one potential redevelopment plan have been included in this release for illustrative purposes.
Lady Luck Casino Vicksburg is located along the Mississippi River in Vicksburg, Mississippi. The property has approximately 25,000 square feet of casino space, 603 slot machines, 8 e-table games, 3 dining areas, and 89 room hotels.
The deal is subject to necessary regulatory approvals and other customary closing conditions, including compliance with the Hart-Scott-Rodino Antitrust Improvement Act, as amended in 1976, and is expected to close in early 2020. 온라인 슬롯