Dover Downs, Twin River Merger to Close March 28

Twin River to expand to the Mid-Atlantic region with the addition of Dover Downs Hotel & Casino to its portfolio of properties

Dover Downs Gaming & Entertainment’s shareholders approved Tuesday the company’s proposed merger with Twin River Worldwide Holdings. The deal is now to be closed on Thursday, March 28.

A joint press release by Dover Downs and Twin River stated that more than 99% of the “votes cast were cast in favor of the merger.” Once the deal is finalized, Dover Downs, which is parent company of Dover Downs Hotel & Casino in Dover, Delaware, will become a wholly owned subsidiary of Twin River.

Dover Downs is a publicly listed entity, but one the merger is closed, it will be delisted from the New York Stock Exchange. Its new owner will go public instead and will be listed under the ticker symbol TRWH. Twin River is set to begin trading on Friday, March 29, or on the very next day after the deal’s expected closure.

The merger of the two companies will be the latest deal amid a wave of consolidation in the US land-based casino field. Competition in the space has been heating up over the past decade and with the recent strikedown of a federal ban on sports betting, it has only become more intense. As a result, a number of major gambling operations have opted to combine their businesses in an effort to secure a better position in the competitive market.

Penn National finalized last October the $2.8 billion acquisition of fellow casino owner Pinnacle Entertainment, while Eldorado Resorts bought Tropicana Entertainment from New York billionaire investor Carl Icahn. According to recent reports, Eldorado is in early talks to merge with Las Vegas gaming and hospitality powerhouse Caesars Entertainment Corp.

Expanded Geographical Presence

The addition of the Dover Downs Hotel & Casino will expand Twin River’s presence in the Mid-Atlantic region. The property currently operates nearly 2,200 slot machines and a number of table games. It also features a freshly expanded race and sportsbook that takes single-game bets on both professional and college sporting events.

Based in Lincoln, Twin River owns the Twin River Lincoln and Twin River Tiverton casinos in its home state as well as a Hard Rock-branded hotel and casino complex in Biloxi, Mississippi, and the Arapahoe Park horse race track in Aurora, Colorado.

The company’s casinos range in size from 1,000 slot machines and 32 table games to gaming floors with 4,200 slot machines and 123 table games. Its properties also feature a number of other resort amenities, including food and beverage, retail, and entertainment facilities.

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