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Gambling in the USA

Twin River Worldwide Holdings to Acquire Three Casinos from Eldorado and Caesars

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Adds Eldorado Shreveport Resort and Casino, Mont Bleu Resort Casino & Spa and Bally’s Atlantic City Hotel & Casino to Twin River’s Portfolio

Twin River Worldwide Holdings, Inc. today announced that it has entered into an agreement with Eldorado Resorts, Inc. (“Eldorado”) to acquire Eldorado Shreveport Resort and Casino (“Shreveport“) in Shreveport, Louisiana and the Mont Bleu Resort Casino & Spa (“Mont Bleu”) in Lake Tahoe, Nevada for an aggregate purchase price of $155 million. Separately, the Company has entered into an agreement with Caesars Entertainment Corporation (“Caesars”) and Vici Properties Inc. (“Vici”) to acquire Bally’s Atlantic City Hotel & Casino (“Bally’s”) for $25 million in cash. The transactions are expected to be immediately accretive to earnings. The agreed upon purchase prices are subject to customary post-closing adjustments.

Together, these acquisitions significantly expand Twin River’s footprint into three additional U.S. states. The three properties combined contain 3,318 slots, 2,092 hotel rooms and 176 tables, in addition to 6,000 square feet of convention space at the Eldorado Shreveport Resort and Casino.

“These acquisitions represent a unique opportunity to continue executing on our expansion and diversification strategy at attractive valuation multiples,” commented George Papanier, President and Chief Executive Officer of Twin River. “We see significant opportunities to create cross marketing connections for customers at multiple Twin River locations, and we look forward to applying our proven operating and integration approach to drive incremental revenues and cash flows.”

Soo Kim, Chairman of the Twin River Board of Directors, stated, “This is a great deal for Twin River, and diversifies our business across eight states. It reaffirms our commitment to employees, customers and the communities in which we operate that Twin River will be stronger than ever.”

Eldorado Transaction

The Company is acquiring Shreveport’s operations and real estate and Mont Bleu’s operations. It has entered into an amended agreement with Mont Bleu’s landlord, including extension of the lease term to the end of 2035.

The Company’s proposed acquisition of these properties is subject to FTC approval and is conditioned upon consummation of the merger of Eldorado and Caesars.

The purchase price for these two properties on a combined basis represents an implied trailing twelve-month proforma earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiple of approximately 4.1x, excluding any potential impact from cost and revenue synergies.

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Caesars Transaction

Twin River’s agreement with Caesars and Vici is structured as an asset purchase, covering certain assets of Bally’s and the property on which they are operated. The Company will also acquire the license to build out a sports book and launch online sports betting and I-Gaming.

The Bally’s purchase price represents an implied trailing twelve-month EBITDA multiple of approximately 2.1x, excluding any potential impact from cost and revenue synergies.

Property Details

  • Shreveport is located in Shreveport, Louisiana. The property consists of approximately 1,400 slots, 54 tables, 403 hotel rooms and 6,000 sf of convention space.
  • Mont Bleu is located in Lake Tahoe, Nevada and features approximately 418 slots, 17 tables and 438 hotel rooms.
  • Bally’s is located in Atlantic City, New Jersey, with a prominent location in the center of the Atlantic City boardwalk. The property includes 1,500 slots, 105 tables and 1,251 hotel rooms.

“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,” Papanier added. “Completion of these transactions will meaningfully enhance our financial profile, while strengthening our presence in a number of key geographic markets.”

Transaction Financing

The Company plans to fund the transactions with a combination of cash on hand and the expected upsizing of the Company’s existing credit facility.

The Shreveport and Mont Bleu transaction is expected to close in the first half of 2021 and the Bally’s transaction is expected to close in late 2020 or early 2021, subject to receipt of FTC and gaming regulatory approvals, financing and other customary closing conditions.

About Twin River

Twin River Worldwide Holdings, Inc. owns and manages seven casinos, two in Rhode Island, one in Mississippi, one in Delaware, and three casinos as well as a horse racetrack that has 13 authorized OTB licenses in Colorado. Properties include Twin River Casino Hotel (Lincoln, RI), Tiverton Casino Hotel (Tiverton, RI), Hard Rock Hotel & Casino (Biloxi, MS), Dover Downs Hotel & Casino (Dover, DE), Golden Gates Casino (Black Hawk, CO), Golden Gulch Casino (Black Hawk, CO), Mardi Gras Casino (Black Hawk, CO), and Arapahoe Park racetrack (Aurora, CO). Its casinos range in size from 695 slots and 17 table games combined for its Colorado facilities to properties with over 4,100 slots, approximately 125 table games, and 48 stadium gaming positions, along with hotel and resort amenities. Its shares are traded on the New York Stock Exchange under the ticker symbol “TRWH.”

 

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SOURCE Twin River Worldwide Holdings, Inc.

Gambling in the USA

Snoqualmie Casino & Hotel Unveils Expanded Non-Smoking Gaming Floor

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Snoqualmie Casino & Hotel has officially opened its newly expanded non-smoking gaming floor, marking a significant milestone in the property’s continued commitment to exceptional guest experiences.

Located adjacent to the hotel lobby, the new, larger non-smoking slot floor will feature nearly 400 of today’s most popular slot machines in a fresh, modern environment designed exclusively for non-smoking guests. This addition enhances the casino’s dedication to providing smoke-free gaming options in a luxury setting. For convenience and ease of access, non-smoking guests can also take advantage of the smoke-free entrance via the hotel’s valet parking.

This new space complements Snoqualmie Casino & Hotel’s existing fully enclosed, non-smoking slot area near Falls Buffet and Snoqualmie Café & Deli, offering guests even more choice and accessibility when it comes to their preferred gaming environment.

In addition to these gaming enhancements, all restaurants on property are 100% non-smoking, making Snoqualmie Casino & Hotel a premier destination for guests seeking an elevated, smoke-free entertainment and dining experience.

“We’re thrilled to offer our guests even more smoke-free options. The expansion of our non-smoking gaming floor reflects our ongoing efforts to listen to our guests and create an atmosphere that’s both exciting and comfortable for everyone,” said Mary Lou Patterson, CEO of Snoqualmie Casino & Hotel.

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Gambling in the USA

Abbiati Casino Equipment and Hawkins Holdings Form Strategic Alliance to Expand Presence Across the Americas

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Abbiati Casino Equipment, a globally recognised leader in premium casino equipment and technologies, announced a strategic partnership with Hawkins Holdings to strengthen its presence across North and South America. As part of this initiative, seasoned gaming executive Roger Hawkins has been appointed Brand Ambassador and Strategic Consultant for the Americas.

With more than 20 years of executive leadership in the global casino and gaming industry, Hawkins will spearhead the company’s efforts to expand its footprint throughout the Western Hemisphere. His role will include market development, strategic partnerships, regulatory positioning, and the promotion of Abbiati’s legacy of Italian innovation, craftsmanship, and integrity.

“This partnership is about more than market entry – it’s about building deeper awareness, driving product adoption, and reinforcing Abbiati’s commitment to quality across every pit and poker room in the hemisphere,” said Hawkins.

Giorgio Abbiati, CEO of Abbiati Casino Equipment, said: “We have proudly served clients in the Americas for many years, but the time is right to deepen our focus. Roger’s knowledge of our products and his insight into the market make him the ideal partner to lead this next phase.”

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Gambling in the USA

Catawba Two Kings Casino Resort Rising in Kings Mountain as First Year of Construction is Completed

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Significant construction has been completed during the first year of work on the $1 billion Catawba Two Kings Casino Resort in Kings Mountain, N.C., a site off Interstate-85 only 35 miles from Charlotte and close to the South Carolina border.

Construction on all aspects of the project is in full swing, with the foundations for the casino complex and hotel completed several months ago, the casino complex at its full height and expanding horizontally, and steel continuing to rise for the 24-story, 385-room hotel. The hotel tower framing is now 10 stories high, with an additional floor being added nearly every week. At completion, the hotel will be connected to the casino complex.

The casino complex includes the introductory casino on the first level, three levels of covered parking, a back-of-house level and top level with the main casino floor and restaurants. The introductory casino, set to open in spring 2026, will include 1350 slot machines, 20 table games, a 40-seat restaurant, a bar, sports betting kiosks, and Lucky North Rewards desk.

The introductory casino will replace the current temporary (prelaunch) casino, which continues to grow in popularity as it nears its fourth anniversary on July 1.

The main casino complex is targeted to open in 2027. It will be about 2 million square feet and feature:

• 4300 slot machines

• 100 table games

• 11 dining outlets, including a steakhouse, Italian restaurant, marketplace with six venues, café, and grab-and-go outlet

• A players lounge

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• 11 bars, including a center bar and sports bar

• A 2700-space parking garage built under the casino complex and 800 surface parking spaces

The project has created hundreds of construction jobs. Upon completion, the casino resort will employ an estimated 2200 regional residents and citizens of the Catawba Nation.

“This casino resort will be an economic game changer for Catawba citizens and a force to drive the economy of Cleveland County and the City of Kings Mountain. This project is a testament to our resilience, our commitment to self-sufficiency, and our determination to build a better future for ourselves and our future generations,” Catawba Nation Chief Brian Harris said.

Harris noted the temporary casino is contributing to many community and charitable organizations in the region, and that will only increase as the full casino resort opens.

The project is being led by the Catawba Nation Gaming Authority under Vice President Trent Troxel, with Yates-Metcon as the construction general contractor; Delaware North as the gaming management, development and hospitality consultant; and SOSHNY Design architects.

“Once again, I want to thank the Cleveland County, City of Kings Mountain, federal and state leaders who have supported the Catawba Nation’s efforts develop the casino resort in its ancestral lands in North Carolina,” Harris said.

Work has also been completed on two key infrastructure projects for development of the permanent casino resort that were funded by the Catawba Nation: doubling the size of the Dixon School Road Bridge over I-85 near the casino entrance and installing new sewer lines near the casino.

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