- Twin River Worldwide Holdings has agreed to spend $120 million for a purchase price in Jumer’s Casino & Hotel.
- The casino hotel will officially become a subsidiary of Twin River.
- This will allow Twin River to launch legal sports betting in Illinois.
ROCK ISLAND, Ill. – Twin River Holdings is now in a position to join the Illinois sports betting market with its $120 million acquisition of Jumer’s Casino & Hotel in Rock Island.
This will make Jumer’s an official subsidiary of Twin River, and allow the Twin River sports betting app to operate in the Prairie State. The purchase will add another sportsbook to the growing sports betting market in Illinois.
Twin River Hits Illinois
Legal sports betting in Illinois has already proven to be a lucrative and attractive market. Twin River is looking to expand into this booming sports betting arena and get a slice of the pie.
“Even in the current operating environment amid COVID-19, we advance our disciplined portfolio diversification strategy as we continue to opportunistically expand our regional presence through accretive transactions,” said George Papanier, President and Chief Executive Officer of Twin River. “This acquisition further expands our geographic reach into yet another attractive market. It provides access to a growing gaming market in Illinois, with the potential to capitalize on potentially lucrative sports betting opportunities. We look forward to the opportunity to leverage our operational expertise and proven integration approach to drive incremental revenues and cash flow improvements.”
In addition to sports betting, Twin River will also be bringing Illinois gamblers its full-service casino gaming technology as well.
The Jumer’s Casino is a prime location as it is located in Rock Island, only just a few hours outside of Chicago. This made the casino operation an attractive buy for Twin River.
The casino hosts a 40,000 square foot main floor and has over 870 slot machines, 205 hotel rooms including 11 luxury suites, and over 25 table games. The Oculus Sports Bar is prime real estate for the Twin River sportsbook operation.
“Over the last several years through our efforts with Hard Rock Biloxi, Dover Downs, our Black Hawk Colorado Casinos and most recently Casino KC and Casino Vicksburg, we have demonstrated an ability to integrate and operate acquired casino assets,” continued Papanier. “We believe this experience will prove valuable as we look to further enhance Jumer’s financial performance. In particular, we believe there is an opportunity to improve operations and enhance revenues at the property which would allow us to lower our acquisition multiple.”
This Twin River expansion into the Illinois legal sports betting market is looking to be a major boost for the sports betting and gambling operation of the company.
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News tags: George Papanier | Jumer’s Casino & Hotel | Twin River | Twin River Worldwide Holdings Inc.
Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.