Twin River Expands into Delaware, Potential Major Impact on Rhode Island Sports Betting
Rhode Island’s gambling industry is about to have a huge change. Twin River Worldwide Holdings Inc. has announced plans to expand and become publicly traded in addition to introducing legal sports betting this fall. It has a deal to merge with Dover Downs Gaming and Entertainment in Delaware, which has apparently caught RI Lottery officials by surprise since Twin River owns a major share of the state’s casinos. With the move into Delaware to buy a major asset, this could affect Rhode Island, Delaware, and could impact the way the lottery commission works.
On July 22nd, Twin River Worldwide Holdings, Inc. and Dover Downs Gaming & Entertainment officially announced via a press release that they’ve entered into a “definitive merger agreement.” This transaction will turn Twin River into a company that’s publicly traded, with entertainment and gaming assets located all over the United States. Currently, there is no public market for Twin River’s shares, which is privately held. As a condition of this deal, Twin River will register with the SEC and list its shares on either NASDAQ or NYSE.
As long as the deal goes through as planned, the new combined company will have yearly revenues of around $678 million, will host 8,620 slot machines, and employ 4,750 people.
The merger would give Twin River a physical presence in the Mid-Atlantic region of the United States, which to date they do not have. As of now, Twin River has assets in the West (Aurora, Colorado), the South (Biloxi, Mississippi), and Northeast (Lincoln and Tiverton, Rhode Island). The Tiverton location is opening shortly.
The merger is subject to the typical approvals and closing conditions.
Impact on Delaware
Dover Downs was allowed to offer some limited sports betting even before the May ruling by the Supreme Court, and since that decision, the state has gone on to offer full athletic wagering plus betting on both simulcast and live horse racing. Dover Downs also currently offers online gambling, but bets are only allowed to be placed from online devices located inside the state of Delaware. With the purchase, not much will change with Dover Downs since it’s already publicly traded.
Impact on Rhode Island
Lottery spokesperson Paul Grimaldi said in an email to Providence Journal that he doesn’t think that Rhode Island, or the Rhode Island Lottery will get a say in whether the transaction takes place or not, despite Twin River spokesperson Patti Doyle’s comments in a different email that they intend on meeting with the Lottery in the near future to discuss the issue. As of Monday, the Lottery had no comment on the newly announced deal.
Twin River’s Executive Chairman John E. Taylor, Jr. made the following comments about this transaction via the abovementioned news release,
“We’re excited about the many benefits we believe we will realize from the combination. 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. Equally important, we see real opportunities to grow the Dover Downs business through investment in its people and facilities, similar to what we have achieved with our other assets over the past several years.”
International lottery king IGT is working with state officials right now to process wagers and odds on sporting events at Twin Rivers’ casinos. But the experience Dover Downs has with sports betting can really help Twin River fully work sports gambling into its other offerings.
DraftKings wants RI to legalize full online gaming in Rhode Island, which would bring a whole new level of opportunities for sports bettors in the state.
More Details About Dover Downs
Dover Downs Hotel & Casino is a gaming and entertainment resort destination in Delaware, the Mid-Atlantic region of the United States. It is owned by Dover Downs Gaming & Entertainment and has approximately 2,200 slot machines, a wide assortment of table games, and a recently expanded race and sportsbook that takes single game wagers on both college and professional sports.
The Four Diamond hotel, which is AAA-rated, is the largest in Delaware and offers 500 amazing rooms and suites, spectacular amenities that include a concert hall, 41,500 square feet of event space for many purposes, and a full-service salon/spa. Dover Downs features live, world-class harness racing from November through April every year, and horse racing is simulcast all year-round. There are multiple restaurants ranging from casual to fine dining and retail stores, bars, and lounges.
More Details About Twin River Management Group, Inc.
Twin River is made up of six casino experts and right now, manages three casinos (one in Mississippi and two in Rhode Island) in addition to a racetrack in Colorado that has 13 OTB licenses. Their casinos go from slots-only facilities with 1,100 slots to huge properties with more than 4,200 slots and 119 table games in addition to resort and hotel amenities. Twin River Management Group is a wholly-owned subsidiary of Twin River Worldwide Holdings, Inc.
Twin River is making preparations to open a hotel and casino in Tiverton in late August or early September; when it opens, the Newport Grand Casino located in Newport, Rhode Island will close. The new Tiverton Casino Hotel will open September 1, 2018, and will feature 32 table games, 1,000 VLTs and will offer 83 rooms in the hotel.
A new hotel with 136 rooms is being built on the casino’s Lincoln campus, which is Twin River’s flagship casino. Twin River Casino has 162,000 square feet of gaming space across two floors. There’s a poker room and 119 table games and 4,220 VLTs. Casino officials in Lincoln are creating a brand-new sports hub in which to house the sports wagering activities in an already existing part of the casino for the fourth quarter of 2018.
In Biloxi, Mississippi, Twin River owns and operates the Hard Rock Hotel & Casino, which features 52 casino-style table games, 1,2000 VLTs, and a hotel with 479 rooms.
In Aurora, Colorado, Twin Rivers owns and operates Araphoe Park, which offers a racebook, live horse racing, and they also own 13 OTB licenses.
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