Twin River to buy Tropicana Evansville casino

The deal prices the casino at $480m.
The deal prices the casino at $480m.

The sale must be approved by regulatory bodies but is expected to be finalised by mid-2021.

US.- Casino giant Twin River Worldwide Holdings in partnership with Gaming and Leisure Properties has negotiated a deal to buy Caesars’ Tropicana Evansville property for $480m.

Gaming and Leisure Properties, a real estate enterprise, will acquire the Tropicana property for $340m and lease it back to Twin River for $28m a year in rent.

Twin River will receive unencumbered rights to the sports betting and igaming skins associated with the casino.

It became apparent earlier this year that Tropicana Evansville was likely to be sold when Indiana regulators said they were concerned about the “economic concentration” of the state’s casino market following Eldorado’s merger with Caesars.

The Indiana Gaming Commission forced Eldorado Resorts and Caesars Entertainment to sell three casinos to get approval for the merger.

The sale can go must still be approved by regulatory bodies and go through standard procedures, but is expected to be finalised in mid-2021.

President and chief executive officer of Twin River, George Papanier, said in a statement: “This transaction is consistent with our core strategy of acquiring strategic gaming assets at attractive valuations and, importantly, represents the Company’s entry into a 10th state.

“It also provides us with access to an attractive Indiana gaming market, in which we will look to significantly advance our mobile and online sports betting and iGaming initiatives.

“We believe this property is a great fit for our portfolio. We are acquiring the operations at a value accretive multiple, while also enhancing our interactive offerings.”