Twin River and Dover Downs to merge
The companies entered a merger agreement and Twin River will become a publicly traded company.
US.- Twin River Worldwide Holdings and Dover Downs Gaming & Entertainment have announced in a recent Securities and Exchange filing that they have entered into a merger agreement. The closing of the deal is subject to approval by Dover Downs shareholders.
The operation became definitive on Sunday, the companies revealed. The agreement establishes that the privately held Twin River is set to become a publicly traded company and that Dover Downs stock will be exchanged for Twin River common shares representing 7.2% of the equity in the combined company at closing.
Twin River is based in Rhode Island and operates and owns two casinos which can legally offer sports betting. The company also owns a casino in Mississippi and a horse racetrack in Colorado. On the other hand, Dover Downs owns the Dover Downs Hotel and Casino in Delaware.
Twin River Executive Chairman John E. Taylor Jr. said: “Dover Downs and its team are experienced in not only brick and mortar casino operations, but in sports betting, which we think will be helpful as we introduce that amenity at our properties and in the online gaming sector which continues to evolve nationwide.
“We’ve been focused on growing the overall business for some time now as a means to create greater shareholder value, expand our geographic footprint to achieve financial economies and strengthen our financial position. This merger should well position us to achieve all three objectives in a context in which existing shareholders of Twin River who desire it could obtain liquidity.”
President and CEO of Dover Downs, Denis McGlynn, said: “Becoming part of Twin River is transformational for us. We believe this transaction will help us grow our business, invest in our people and our facilities and compete more effectively given changes in gaming on the horizon. We expect to see many positive benefits for the State, the Delaware Lottery and our employees and stockholders.”
