Twin River to acquire Illinois’s Jumer’s Casino & Hotel for $120 million
Providence, Rhode Island-headquartered casino operator Twin River Worldwide Holdings Inc has announced the signing of nearly $120 million deal to get its hands on Jumer’s Casino & Hotel. Using an official press release, the Twin River Worldwide Holdings Inc announced that its deal to acquire the western Illinois gambling & hospitality facility could be finalized by the end of June next year, subject to receipt of various required regulatory approvals.
The finalization of the transaction will also depend on several other typical closing conditions in addition to a routine working capital adjustment. The Jumer’s Casino & Hotel facility is owned and operated by Delaware North Companies Gaming & Entertainment Inc.
The property to be acquired by Twin River Worldwide Holdings Inc features a 205-room hotel with 11 luxury suites alongside a 40,000 square feet casino offering nearly 900 slot machines and 25 table games. In addition, the property comes complete with four restaurants, a nightclub, and a spacey events center.
Once the deal is finalized, Twin River Worldwide Holdings Inc’s nationwide portfolio of gambling-friendly facilities will jump to thirteen.
Twin River’s President and Chief Executive Officer (CEO) George Papanier said that his company would use a combination of cash on hand, cash from ongoing operations and borrowings from lenders and other interested parties to fund the deal, which is part of the company’s ongoing portfolio diversification strategy.
Mr. Papanier furthermore expressed hope that the arrangement would likely be right away accretive to earnings and would position the operator to potentially capitalize on the Midwestern state’s sportsbetting opportunities.
In a newly-released statement, Papanier said, “This acquisition further expands our geographic reach into yet another attractive market. It provides access to a growing gaming market in Illinois with the potential to capitalize on lucrative sportsbetting opportunities.”
He added that they were looking forward to the opportunity to leverage the company’s operational proficiency and proven integration approach to pave way for incremental revenues and cash flow enhancements.
NYSE-listed Twin River has for sometime been busy on an acquisition spree. In July, it inked a deal with much larger compatriot Eldorado resorts Inc to acquire the Casino KC and Casino Vicksburg. Earlier it acquired Colorado’s Golden Gates Casino, Golden Gulch Casino and Mardi Gras Casino properties. Very soon, it will get its hands on the Eldorado Resort Casino Shreveport, Spa Lake Tahoe and Montbleu Resort Casino.
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