Twin River Completes Isle of Capri & Lady Luck Acquisitions
Twin River Holdings, Inc reported Thursday it completed the deal to acquire the Isle of Capri in Kansas City, Missouri, and Lady Luck Casino in Vicksburg, Mississippi, for a combined price of $230 million, subject to customary adjustments.
Twin River Expands into Missouri and Mississippi
The deal to acquire Eldorado Resorts’ subsidiary companies which own the Isle Kansas City in Missouri and the Lady Luck casinos in Mississippi is a continuation of the divestment of casino efforts by the Reno-based operator related to its ongoing merger with Caesars Entertainment.
In April, Eldorado and Twin River entered into a definitive agreement for the sale of two other gaming properties, the Eldorado Shreveport Resort & Casino in Shreveport, Louisiana, and the MontBleu Resort Casino & Spa in Lake Tahoe, Nevada, for a combined price of $155 million.
Isle of Capri is a casino-type resort located in close proximity to downtown Kansas City and the Berkeley Riverfront, overlooking the Missouri River. The gaming property that comprises 40,000 square feet of casino space, with 939 gaming machines, 13 table games and 2 dining venues is located in a premier location and is readily accessible to suburban traffic. As the Rhode Island-based casino operator intends on repositioning the gaming property which re-opened June 1, it would undergo a substantial redevelopment, with most of the capital expenditure planned for 2021.
“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 with our redevelopment and operating plans. We are very pleased to close on this transaction, the latest in our ongoing efforts to diversify our portfolio.”
George Papanier, President and CEO, Twin River Holdings
The property that would expand the footprint of Twin River into a forth state, Lady Luck Vicksburg, is located along the Mississippi River in Vicksburg, Mississippi and comprises of 25,000 square feet of casino space, 603 slot machines, 8 electronic table games, 3 dining venues and a hotel with 89 rooms capacity.
Twin River in Atlantic City
Besides the deals to acquire the 4 casinos from Eldorado Resorts, Twin River entered into a separate deal with the other party in the merger, Caesars Entertainment, and its real estate investment trust, VICI Properties, for the acquisition of Bally’s Atlantic City in New Jersey, for $25 million.
“Equally exciting are our three additional casinos under contract in Shreveport, Louisiana, Lake Tahoe, Nevada and Atlantic City, New Jersey. We see significant opportunities to create cross marketing connections for customers at multiple Twin River locations nationwide.”
George Papanier, President and CEO, Twin River Holdings
The divestment of Isle of Capri and Lady Luck casinos was also part of the conditions upon the completion of which the Federal Trade Commission approved the pending Eldorado-Caesars merger.
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