Twin River Buys Another Caesars Property In Tropicana Evansville
- Twin River Holdings has acquired Tropicana Evansville Casino from Caesars Entertainment.
- This was a $480 million acquisition.
- The deal is expected to close by mid-2021.
EVANSVILLE, Ind. – A major shakeup in the legal gambling arena has occurred as Twin River Holdings has acquired Tropicana Evansville Casino from Caesars Entertainment, INC.
The acquisition is said to be a $480 million purchase. About $140 million will be from Twin River, GLPI, a real estate investment trust will purchase another $340 million, and it will be leased to Twin River for $28 million a year.
The deal is still pending regulatory approval and it will take time for all the moving pieces to be complete. With that, the deal is expected to close some time mid-2021.
Twin River Buys Tropicana Casino
The legal casino Tropicana has been a major locale for gambling in the Evansville area for years.
Its location is what made it such an attractive investment for Twin River. Now the gambling operation can bring its staple casino gaming and sports betting operations to the Evansville gaming community.
“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,” said George Papanier, President and Chief Executive Officer. “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."
In a separate deal, the GLP has agreed to purchase the property Twin River’s Dover Downs for $144 million. The casino will be leased back for $12 million a year.
Tropicana has a storied history in Indiana, as it was the first riverboat casino in the Hoosier State. Now Tropicana will continue to be a staple for the legal Indiana gambling market.
While Indiana gamblers have to wait until next year to see the fruits of the labor of this new acquisition, the Tropicana Evansville is will operating for both residents and tourists alike.
Deals like this are commonplace in the USA’s legal gambling industry, but it’s still a time for Indiana gamblers to get excited for the future of the Tropicana Evansville Casino.