Twin River Completes Buy of Kansas City And Vicksburg Casinos
Rhode Island’s Twin Rivers has closed on its purchase of two casinos previously owned by Eldorardo Resorts, Isle of Capri Kansas City (l.) and Lady Luck Casino in Vicksburg, Mississippi. The acquisition is latest step in ongoing portfolio diversification strategy.
Twin River Worldwide Holdings last week announced that it has completed the previously announced acquisition of Eldorado Resorts, Inc.’s subsidiaries that own the Isle of Capri Casino in Kansas City, Missouri and the Lady Luck Casino in Vicksburg, Mississippi. The purchase price of the acquisition was $230 million, subject to customary adjustments.
“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,” said George Papanier, president and chief executive officer of Twin River. “We are very pleased to close on this transaction, the latest in our ongoing efforts to diversify our portfolio. 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.”
Isle Kansas City is located in Kansas City, Missouri overlooking the Missouri River in close proximity to downtown Kansas City and the Berkeley Riverfront. The property reopened on June 1st, currently has the ability to operate all amenities and consists of approximately 40 thousand square feet of casino space, 939 gaming machines, 13 table games and two dining venues. It is located at a premier location on the riverfront near downtown and is readily accessible to suburban traffic. The Company expects to substantially reposition the casino with a transformational redevelopment plan. Most of the related capital expenditures are expected to occur in 2021.
Lady Luck Vicksburg is located along the Mississippi River in Vicksburg, Mississippi. The property reopened on May 21st, is currently operating 50% of slots and features approximately 25 thousand square feet of casino space, 603 slot machines, eight electronic table games, three dining venues and an 89-room hotel.
These acquisitions closed just months after Twin River announced its plans to also acquire Eldorado Shreveport Resort and Casino in Shreveport, Louisiana and the Mont Bleu Resort Casino & Spa in Lake Tahoe, Nevada for an aggregate purchase price of $155 million. Separately, the company has entered into an agreement with Caesars Entertainment Corporation and Vici Properties Inc. to acquire Bally’s Atlantic City Hotel & Casino for $25 million in cash.
All together, these acquisitions significantly expand Twin River’s footprint into four additional U.S. states. The five properties combined contain 4,860 slots, 2,181 hotel rooms and 189 tables. After acquisition of these properties, the Company will operate 12 properties in eight states.