- Twin River bought three new properties from Caesars and Eldorado.
- Buying the three casinos allows for Twin River to have access to three new states.
- The purchase of the properties is pending regulatory approval.
PROVIDENCE, R.I. – Twin River announced last week that they have purchased three different properties from both Eldorado and Caesars.
Twin River bought Bally’s Atlantic City in New Jersey from Caesars for the price of $25 million. From Eldorado, Twin River bought the Mont Bleu Resort Casino & Spa in Nevada.
Twin River also bought Eldorado Shreveport Resort which is located in Louisiana. The purchase of both the Eldorado properties cost Twin River $155 million. In total, Twin River spent $180 million on the three properties.
With the purchase of Bally’s, Twin River now owns a property in New Jersey. This allows Twin River to fully take advantage of New Jersey sports betting laws.
In Rhode Island, both mobile and retail sportsbooks are allowed. All the sportsbooks in Rhode Island are owned by Twin River. But there is a small limit on Rhode Island sports betting. Bettors first have to register at their properties. But in New Jersey, remote registration is possible, giving Twin River access to all bettors in the state.
Buying Two Properties From Eldorado
Although Eldorado owns Caesars, Twin River needed to make a separate purchase for the other two properties. With these two purchases, Twin River can now operate in both Louisiana and Nevada.
Out of the two states, only Nevada has legal sports betting available. Louisiana was on the path to legalizing sports betting, but the ongoing COVID-19 (coronavirus) pandemic has stalled those efforts. Despite the fact that the pandemic keeps all three properties closed, Twin River continued to make the purchase.
“Despite the uncertainties presented by the current health crisis, we continue to execute our strategy to position Twin River for long-term growth and profitability,” said George Papanier, president and chief executive officer of Twin River. “Completion of these transactions will meaningfully enhance our financial profile, while strengthening our presence in a number of key geographic markets.”
Focusing on long-term growth will allow Twin River to gain more properties in states with sports betting. The purchase of the casinos has not been finalized yet. Each purchase in every state must be approved by the state’s gambling regulatory board.
Daniel is a writer that enjoys writing to inform readers. When Daniel was writing for The Borgen Project, he liked informing the world about victories in global poverty issues. Daniel is also an avid horse racing fan who has been going to the track with his father for over a decade betting the ponies. When he is not writing about sports betting or at the track, Daniel loves playing video games and watching sports in his spare time.