Twin River Worldwide Holdings announced the addition of the Tropicana Evansville to its casino portfolio. However, Twin River will acquire it without spending a dime. This is one of two announcements from Twin River Worldwide Holdings. “Twin River Changing Name and Adding Another Casino.“
Twin River Worldwide Holdings Changing To Bally’s Corporation
On November 9th, Twin River Worldwide Holdings will change its name to Bally’s Corporation. In short, the new Bally’s Corporation will operate 28 casinos and off-track-betting sites.
Lately, the company has been bullish on expanding its brand. It owns or manages seven other casinos in Mississippi, Delaware, Missouri, Colorado, and its flagship Rhode Island casinos.
“The Bally’s brand embodies a rich history in American gaming and entertainment, [and] aligns perfectly with our current and future growth strategy…”Soo Kim, Chairman of TRWH Board of Directors.
Bally Gaming is a well-known name in the casino and slot machine industry. Twin River Worldwide Holdings has only bought the casino industry name. Consequently, Bally’s Technologies is not part of the acquisition. Bally’s Technologies is one of the leading suppliers to the gaming industry, both online and offline,
What Bally’s Corporation Will Not Own
Bally’s name has a history behind many technological products and amusement/health companies. These include pinball games, video games (Ms. Pac-Man), health clubs, and amusement parks (Six Flags Amusement Parks up to 1987). Furthermore, Bally introduced important innovations leading to today’s slot machines. In 1961, Bally’s gave the industry the first three-coin multiplier and slot console or cabinet.
Twin River could rename its Rhode Island properties with the new Bally’s name. Rumor has it that it might accompany the planned renovations at Twin River.
Twin River Worldwide Holdings Changing Name and Adds Another Casino
Part two of this week’s announcements included acquiring Tropicana Evansville in Indiana.
Tropicana Evansville has 79,000 square feet of enclosed space. That includes 45,000 square feet of the casino floor. Other venues include four dining options and a sportsbook. The complex also has 21,000 square feet of convention space.
TRWH is taking a page out of MGM and Caesar’s financial playbook. The acquisition will become a gaming-focused real estate investment trust (“REIT”). GLPI will acquire the Evansville casino real estate for $340 million. Then, they will lease it back to Twin River for $28 million/year in rent.
The sale of Tropicana Evansville should close in mid-2021. However, it will be subject to regulatory approvals and other customary closing conditions. Gaming and Leisure Properties and Twin River Worldwide Holdings will fully own Tropicana Evansville.
Twin River will also acquire unencumbered rights to sports betting and iGaming skins.
“This transaction is consistent with our core strategy of acquiring strategic gaming assets at attractive valuations. Importantly, it represents the Company’s entry into a 10th state. It also provides us with access to an attractive Indiana gaming market. We will look to significantly advance our mobile and online sports betting and iGaming initiatives,” said George Papanier, President and Chief Executive Officer. “We believe this property is a great fit for our portfolio.”George Papanier, President and Chief Executive Officer
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