PROVIDENCE, R.I., Jan. 24, 2020 /PRNewswire/ -- Twin River
Worldwide Holdings, Inc. (NYSE: TRWH) today announced that it has
completed the previously announced acquisition of Affinity Gaming's
subsidiary that owns the Golden Gates, Golden Gulch and
Mardi Gras casinos in Black Hawk, Colorado. The purchase price of
the acquisition was $51 million,
subject to customary adjustments.
As previously announced, with the completion of this
acquisition, Twin River has also acquired the right to three sports
gaming licenses in Colorado in
connection with the passage of Proposition DD on November 5, 2019. The company has already formed
partnerships for these licenses, which will be announced at a later
date.
"Completing the acquisition of these three properties expands
our footprint in Colorado well
beyond our Arapahoe Park racetrack and Off Track Betting network,"
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 two additional
casinos under contract in Kansas City,
Missouri and Vicksburg,
Mississippi, as well as our newly-formed partnerships with
two well-known sports betting franchises, which we are looking
forward to announcing prior to the launch of sports wagering in
Colorado."
Golden Gates, Golden Gulch and Mardi
Gras are located in close proximity to one another along a
half mile strip of casino and casino-hotel properties in the
historic mining town of Black Hawk,
Colorado. Together the properties contain a combined 36,000
square feet of gaming space featuring nearly 20 table games,
approximately 700 slots and a poker parlor. The properties also
offer three restaurants and 24/7 bars, and one of the only parking
garages in the market, with 700 spaces.
Golden Gates, Golden Gulch and Mardi
Gras casinos will join Twin River's growing portfolio,
consisting of two casinos in Rhode
Island, one in Mississippi,
and one in Delaware, as well as
their Colorado horse racetrack
that has 13 authorized OTB licenses. 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) and Arapahoe Park
racetrack (Aurora, CO).
Papanier states "We are excited to move forward with these new
acquisitions and continue to make progress towards closing other
previously announced purchases as we execute on our long-term
growth strategy for the company and its shareholders."
About Twin River Worldwide Holdings, Inc.
Twin River Worldwide Holdings, Inc. owns and manages seven
casinos, two casinos 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 Colorado facilities to properties with over
4,100 slots, 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."
Investor Contact
Steve H.
Capp
Executive Vice President and Chief Financial Officer
401-475-8564
InvestorRelations@twinriver.com
Media Contact
Liz Cohen
/ Connor Moriarty
Kekst CNC
212-521-4800
liz.cohen@kekstcnc.com / connor.moriarty@kekstcnc.com
Forward-Looking Statements
This communication contains "forward-looking" statements as
that term is defined in Section 27A of the Securities Act of 1933,
as amended, Section 21E of the Securities Exchange Act of 1934, as
amended and the Private Securities Litigation Reform Act of 1995.
All statements, other than historical facts, including future
financial and operating results and Twin River's plans, objectives,
expectations and intentions, and legal, economic and regulatory
conditions, are forward-looking statements. Forward-looking
statements are sometimes identified by words like "may," "will,"
"should," "potential," "intend," "expect," "endeavor," "seek,"
"anticipate," "estimate," "overestimate," "underestimate,"
"believe," "could," "project," "predict," "continue," "target" or
other similar words or expressions. Forward-looking statements are
based upon current plans, estimates and expectations that are
subject to risks, uncertainties and assumptions. Should one or more
of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those indicated or anticipated by such forward-looking
statements. The inclusion of such statements should not be regarded
as a representation that such plans, estimates or expectations will
be achieved. Important factors that could cause actual results to
differ materially from such plans, estimates or expectations
include, among others, (1) unexpected costs, charges or expenses
resulting from the implementation of sports betting in Colorado and our partnerships; (2) the
possibility that the anticipated operating results and other
benefits of sports betting in Colorado and our partnerships are not realized
when expected or at all; (3) local risks including proximate
competition, potential competition, legislative risks and local
relationships; and (4) other risk factors as detailed under Part I.
Item 1A. "Risk Factors" of Twin River's Annual Report on Form 10-K
for the fiscal year ended December 31,
2018 as filed with the Securities and Exchange Commission on
April 1, 2019.
Any forward-looking statements speak only as of the date of
this communication. Twin River undertakes no obligation to update
any forward-looking statements, whether as a result of new
information or developments, future events or otherwise, except as
required by law. Readers are cautioned not to place undue reliance
on any of these forward-looking statements.
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SOURCE Twin River Worldwide Holdings, Inc.