Becoming A Gambling Industry Leader
Before 2012, Twin River Casino was relatively unknown to most of the country. But, that year, Twin River Casino received approval for table games in the slots-only casino. Twin River Worldwide Holdings has continued to expand since. Here is how they have done it.
Starting from the humble beginnings as a horse/greyhound race track, to today’s country-wide presence in 13 states. Here’s the latest on the story – Twin River Worldwide Holdings Becoming A Gambling Industry Leader, with guest commentary by Dr. David Schwartz.
Huge Acquisition – Three Properties
Twin River Worldwide Holdings shares, owner of Twin River Hotel and Casino, soared last week. It had just announced agreements to acquire three casinos for a total of $180 million.
A growing company in the casino industry, from the smallest state in the country, was making a move. In April, TRWH announced it is buying Bally’s Atlantic City Hotel & Casino from Caesars Entertainment for $25 million. It also is buying Eldorado Shreveport Resort and Casino and the Mont Bleu Resort Casino & Spa in Lake Tahoe from Eldorado Resorts for a combined $155 million.
The three properties combined contain 3,318 slots, 2,092 hotel rooms and 176 tables. In addition, Eldorado Shreveport Resort and Casino adds 6,000 square feet of convention space. It all adds to an expanding, diversified portfolio of casinos around the country.
Twin River Worldwide Holdings Properties Before Purchase
The move expands Twin River Worldwide Holdings’ footprint into three additional states. The company already owns and operates eight properties.
Since Massachusetts approved casino gaming in 2013, two of the proposed casinos would have a direct influence on Twin River Casino. Taking advantage of Eldorado’s fire sale of certain Caesars Entertainment properties would boost the sagging revenue from it Rhode Island Properties.
Soo Kim, chairman of the company’s board of directors, saying “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.”
Details of the Purchase Deal
The agreement with Eldorado Resorts, Inc. (“Eldorado”) allowed Twin River Worldwide Holdings to 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 also 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. The Bally’s deal is a milestone for TRWH, and is the most intriguing.
Purchasing Bally’s Atlantic City
Bally’s is a casino and entertainment facility located in the heart of the Atlantic City casino district. New Jersey regulators investigated any case for “undue economic concentration,” or owning too much of the market. Caesars currently owns three of Atlantic City’s nine casinos, and Eldorado owns a fourth.
Daniel Heneghan, a gambling analyst and former longtime spokesman for the commission said “It will significantly reduce the level of economic concentration and that will make it a lot easier for the (New Jersey) Casino Control Commission to approve it. [Also] the fact that it is being sold to a new player for the market here will help increase competition.”
Opened in 1979, Bally’s is one of the oldest casinos in New Jersey. The property has over 1,200 hotel rooms and 127,000 square feet of gambling space.
Dr. David Schwartz remarked in his recent post: Twin River Worldwide Stepping It Up,
“Since its 1979 opening, Bally’s has seen ups and downs. For many years one of the city’s top revenue-producing casinos, in recent years Bally’s has moved to the bottom of the Caesars portfolio. A new owner and focus might bring the resort back to its former prominence.”
A Historical Overview
Bally’s Atlantic City
The Glamorous Past, Building Onward, and Thriving not Surviving
But Wait, There’s More – Bally’s Acquisition
An interesting footnote to this acquisition is that Caesars Entertainment is retaining the two most profitable parts of Bally’s:
- The Book, a sports betting facility and entertainment center that the company spent $8.4 million on just last summer
- the Wild Wild West, an area adjacent to the sports book. Those facilities will now become part of Caesars casino, which is next door to Bally’s on the Boardwalk.
Intentions of any type of coordination with Twin River’s Rewards Club, or its legal sports betting operation, were not included. The Twin River Sports Book and mobile betting is run by the Rhode Island Lottery and powered by William Hill.
William Hill which runs sports books in nine states, is also at Ocean Resort Casino and Tropicana Resort Casino, on the boardwalk. Caesars’ Wild Wild West will continue to be run by Caesars nationwide sports book. Rhode Island was the first New England state, and still the only state, to offer legal sports betting.
Twin River Worldwide Holdings – Under the Radar
Twin River is the second New England casino to reach beyond to bigger gambling areas. The Atlantic City Boardwalk will now have the presence of two New England Casinos. Mohegan Sun manages Resorts. But, how did this company emerge from obscurity in the northeast to a bigger player in the country?
First of all who is TRWH? Twin River Worldwide Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, owns and manages hotels that offers amenities such as casinos, retail outlets, sports bars, pubs, dining, food court, and accommodations. Twin River Worldwide Holdings serves customers only in the United States. in 2020, Twin River Worldwide Holdings is Becoming A Gambling Industry Leader
The original Twin River Hotel & Casino is nearly as big as the MGM Grand’s casino floor in Las Vegas, with more than 162,000 square feet of gaming space, 4,000 slot machines and 111 table games, as well as a race and sportsbook.
Related Post – Twin River Hotel & Casino by the Numbers
Looking Back – The Beginnings
Before Twin River Hotel and Casino, it was Lincoln Downs. In 1989, then Lincoln Greyhound Park was mired in a downward spiral of the Greyhound Racing industry.
The inevitable owners of Twin River Casino bought the dog track after the state approved pari-mutual and VLT machine gaming. After a $220-million expansion, Lincoln Park was renamed Twin River in 2007. In the following eight years after 2012, Twin River Worldwide Holdings expansion increased quickly:
- 2014 – Bought the Hard Rock Hotel & Casino Biloxi in Biloxi, Mississippi.
- March 2019 – Completed a reverse merger with Dover Downs Gaming & Entertainment, the parent company of Dover Downs Hotel & Casino. The transaction made Twin River a public company traded on the New York Stock Exchange.
- 2015 – Purchased Rhode Island’s only other casino, the Newport Grand, for $22 million, and announced plans to move its operations to a new facility to be built in Tiverton. The Newport Grand closed in 2018, and its replacement, the $140-million Tiverton Casino Hotel, opened days later
- July 2019 – Agreed to buy two casinos in Missouri and Mississippi (Isle of Capri Casino Kansas City and Lady Luck Casino Vicksburg) from Eldorado Resorts for $230 million.
- January 2020 – Twin River purchased three casinos in Black Hawk, Colorado (the Golden Gates, Golden Gulch, and Mardi Gras) from Affinity Gaming for $51 million.
Twin River Worldwide Stepping It Up
Dr. David Schwartz is an author at Comped Travel, as well as author of many fabulous gambling books, such as “Roll the Bones” and “Grandissimo.” In his article about Twin River’s new purchases he agrees that “The move boosts the Providence-based company’s holdings and gives it a presence in three major casino markets.”
George Papanier, Twin River Worldwide Holdings President and CEO, was quoted in Dr. Dave’s article as saying, “…each of the properties has tremendous upside….the fact [is] that these properties each brought something unique to our portfolio. These were opportunities that were presented to us at different times in 2019.”
What will the new properties have to look forward to? Papanier says “If you look at the other properties in our portfolio, we have a proven history of transforming locations for the better. We are confident that players will see the same type of improvements at these properties, as well.”
The final word by Dr. Schwartz.
“Players at all three new Twin River casinos, then, have many reasons to give these properties another look. Likely not the last acquisitions of an industry going through unprecedented changes, they nevertheless will change the competitive landscape in their respective markets.”
I couldn’t have said it better.
Visiting New England’s Casinos?
Robin T. Aubin (AKA Binbin at NETimeGambling) has been a guest on Cousin Vito’s Casino Podcast, The Bettor Life Podcast, The Art in the Game Podcast featuring all that is Springfield, Massachusetts. as well as ZorkCast with Michael Trager. As founder of NETimeGambling.com, he has tried to provide a resource for recreational gamblers featuring New England’s expanding casino market events, gambling promotions and entertainment. As a professional musician for over 50 years, he has performed in some of New England’s best venues, namely Mohegan Sun’s Wolf Den, Foxwoods’ Atrium Lounge, and Twin River’s Lighthouse Bar & Lounge.
LINKS to New England Casinos
- Connecticut – Foxwoods Resort/Casino and Mohegan Sun Resort/Casino
- Rhode Island – Tiverton Casino Hotel and Twin River Hotel/Casino
- Massachusetts – Plainridge Park Casino & Raceway, MGM Springfield and Encore Boston Harbor
- Maine – Oxford Casino and Hollywood Bangor Hotel, Casino & Raceway.
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