Before 2012, Twin River Casino was relatively unknown to most of the country. But, that year, Twin River Casino received approval for table games in the slots-only casino. Twin River Worldwide Holdings has continued to expand since. Here is how they did it – the abridged version. Twin River – Becoming A Gambling Industry Leader, with guest commentary by Dr. David Schwartz. The full version can be found at TravelZork.
Huge Acquisition – Three Properties
Twin River Worldwide Holdings shares, owner of Twin River Hotel and Casino, soared last week after it announced agreements to acquire three casinos for a total of $180 million.
A growing company in the casino industry, from the smallest state in the country, was making a move. In April, TRWH announced it is buying
- Bally’s Atlantic City Hotel & Casino from Caesars Entertainment for $25 million
- Eldorado Shreveport Resort and Casino and
- Mont-Bleu Resort Casino & Spa in Lake Tahoe from Eldorado Resorts for a combined $155 million.
The three properties combined contain 3,318 slots, 2,092 hotel rooms and 176 tables.
Twin River Worldwide Holdings Properties Before Purchase
The move expands Twin River Worldwide Holdings’ footprint into three additional states. The company already owns and operates eight properties.
Since Massachusetts approved casino gaming in 2013, two of the proposed casinos would directly influence Twin River Casino. Taking advantage of Eldorado’s fire sale of certain Caesars Entertainment properties would boost the sagging revenue from its Rhode Island Properties.
Purchasing Bally’s Atlantic City
The Bally’s deal is a milestone for TRWH and is the most intriguing. Bally’s is a casino and entertainment facility located in the heart of the Atlantic City casino district. Daniel Heneghan, a gambling analyst and former longtime spokesman for the gaming commission, said, “The fact that it is being sold to a new player for the market here will help increase competition.” Opened in 1979, Bally’s is one of the oldest casinos in New Jersey. The property has over 1,200 hotel rooms and 127,000 square feet of gambling space.
Dr. David Schwartz remarked in his recent post, Twin River Worldwide Stepping It Up, “Since its 1979 opening, Bally’s has seen ups and downs. For many years one of the city’s top revenue-producing casinos, in recent years, Bally’s has moved to the bottom of the Caesars portfolio. A new owner and focus might bring the resort back to its former prominence.”
But Wait, There’s More – Bally’s Acquisition
Caesars Entertainment is retaining the two most profitable parts of Bally’s:
- The Book, a sports betting facility and entertainment center, spent $8.4 million on just last summer, the Wild Wild West, an area adjacent to the sportsbook. Those facilities will now become part of Caesars casino, next door to Bally’s on the Boardwalk.
The Twin River Sports Book and mobile betting are run by the Rhode Island Lottery and powered by William Hill. On the AC boardwalk, William Hill also runs sports books at Ocean Resort Casino and Tropicana Resort Casino.
Twin River Worldwide Holdings – Under the Radar
Twin River is the second New England casino to reach beyond bigger gambling areas. The Atlantic City Boardwalk will now have the presence of two New England Casinos. Mohegan Sun manages Resorts.
Twin River Worldwide Holdings serves customers only in the United States. in 2020, Twin River is Becoming A Gambling Industry Leader.
The flagship Twin River Hotel & Casino in Lincoln, RI, is nearly as big as the MGM Grand’s casino floor in Las Vegas, with more than 162,000 square feet of gaming space, 4,000 slot machines, and 111 table games, as well as a race and sportsbook.
Looking Back – The Beginnings
In 1989, then Lincoln Greyhound Park was mired in a downward spiral of the Greyhound Racing industry. Twin River Casino’s inevitable owners bought the dog track after the state approved pari-mutual and VLT machine gaming. After a $220-million expansion, Lincoln Park was renamed Twin River in 2007, and the rest is a historical rise in the industry. For the history and stats of Twin River, read Related Post – Twin River Hotel & Casino by the Numbers
Twin River Stepping It Up
George Papanier, Twin River Worldwide Holdings President and CEO, was quoted in Dr. Dave’s article as saying, “…each of the properties has tremendous upside….the fact [is] that these properties each brought something unique to our portfolio. They were already on our radar. When this opportunity arose again, we negotiated a good price. We knew they would be immediately accretive to earnings upon closing of this transaction.”
The Draw – The Final Word by Dr. David Schwartz
“Players at all three new Twin River casinos, then, have many reasons to give these properties another look. Likely not the last acquisitions of an industry going through unprecedented changes, they nevertheless will change the competitive landscape in their respective markets.”Dr. Schwartz.
I couldn’t have said it any better.