Twin River Worldwide has confirmed that they have signed an agreement to acquire the operations and real estate of Isle of Capri Casino Kansas City in Kansas City, Missouri (“Isle Kansas City”) and Lady Luck Casino Vicksburg in Vicksburg, Mississippi (“Lady Luck Vicksburg”) from Eldorado Resorts, Inc.
The all-cash deal is worth $230 million.
George Papanier, President and CEO of TRWH said: “This transaction continues our focus on creating long-term shareholder value as we strive to develop or acquire assets which we believe will prove accretive to our earnings.”
“Isle Kansas City and Lady Luck Vicksburg expand our geographic footprint with assets in attractive markets. We believe these assets are a great fit for our portfolio and see the opportunity to increase the net cash flow from these properties by our redevelopment and operating plans.
“In particular, in Kansas City, where the property lies within an area near downtown that has been targeted by local officials for development, we feel there is an opportunity for capital investment in the property which we believe will have a transformative impact and integrate well with local development efforts in the area.”
While the deal has been confirmed the fruition of the said agreement is also subject to certain regulatory obligations.
Recently, Eldorado acquired Caesars Entertainment and just before announcing the deal the company sold its three other casinos as well.