Twin River Worldwide Holdings

Twin River Worldwide Holdings is a gaming company based in Lincoln, Rhode Island. It owns and operates ten casino and racetrack properties in Colorado, Delaware, Mississippi, Missouri, and Rhode Island.

Twin River Worldwide Holdings
Traded asNYSE: TRWH
Russell Microcap Index component
IndustryGaming
PredecessorBLB Investors
Founded2004
Headquarters
Lincoln, Rhode Island
,
U.S.
Key people
  • John E. Taylor, Jr. (Executive chairman)
  • George Papanier (CEO & President)
Revenue$437.5 million[1] (2018)
$71.4 million[1] (2018)
Total assets$782.3 million[1] (2018)
Total equity$298.7 million[1] (2018)
OwnersStandard General (32%)[2]
Number of employees
4,900[3] (2019)
Websitetwinriverwwholdings.com

History

Twin River's predecessor was BLB Investors. BLB was formed in 2004 as a joint venture of Starwood Capital Group, Kerzner International, and the Waterford Group to launch a bid to acquire Wembley plc.[4][5] Wembley was a British operator of racetracks in the United Kingdom and United States, whose primary asset was Lincoln Park, a greyhound track and slot machine parlor in Rhode Island.[6] BLB ultimately reached a deal in February 2005 to pay $435 million for Lincoln Park, plus $20 million for Wembley's other U.S. properties, comprising a horse track (Arapahoe Park) and three greyhound tracks in Colorado.[7][8] The purchase was completed in July 2005.[9]

BLB undertook a $220-million expansion of Lincoln Park and renamed it in 2007 as Twin River.[10]

By 2008, BLB was struggling because of the economic slowdown, and it began defaulting on payments on the loans it had taken out to buy and renovate Twin River.[11][12] In June 2009, the company filed for Chapter 11 bankruptcy protection with a prepackaged plan to hand over ownership to its creditors.[13] BLB emerged from bankruptcy in 2010, now owned by a group of lenders led by Bank of America, Wells Fargo, and Sankaty Advisors.[14][15] The company changed its name to Twin River Worldwide Holdings in 2011.[16]

In Colorado, the company's three dog racing tracks closed as interest in the sport declined, and all three were sold off by 2011.[17][18][19]

In 2014, Twin River bought the Hard Rock Hotel & Casino Biloxi in Mississippi from Leucadia National for $250 million.[20][21] The acquisition was made to diversify the company geographically, in preparation for expected competition from Massachusetts, which had legalized casinos in 2011.[22]

In 2015, Twin River purchased Rhode Island's only other casino, the Newport Grand, for $22 million, and announced plans to move its operations to a new facility to be built in Tiverton.[23][24][25] The Newport Grand closed in 2018, and its replacement, the $140-million Tiverton Casino Hotel, opened days later.[26][27]

In March 2019, Twin River completed a reverse merger with Dover Downs Gaming & Entertainment, the parent company of Dover Downs Hotel & Casino.[28][29] The transaction made Twin River a public company traded on the New York Stock Exchange and left Dover Downs shareholders with a 7 percent stake in the combined company.[30]

In January 2020, Twin River purchased three casinos in Black Hawk, Colorado (the Golden Gates, Golden Gulch, and Mardi Gras) from Affinity Gaming for $51 million.[31][32][33]

In April 2020, Twin River announced a deal with Caesars Entertainment and Vici Properties to purchase Bally's Atlantic City in New Jersey, and a separate deal with Eldorado Resorts to buy Eldorado Shreveport Resort and Casino in Louisiana, and MontBleu Resort Casino & Spa in Lake Tahoe, Nevada.[34][35][36]

In July 2020, Twin River bought two casinos in Missouri and Mississippi (Isle of Capri Casino Kansas City and Lady Luck Casino Vicksburg) from Eldorado Resorts for $230 million.[37] They were renamed as Casino KC and Casino Vicksburg, respectively.

Properties

The company owns and operates ten properties:

gollark: Nope.
gollark: !wiki Embedded HQ9+
gollark: Or, well, plausibly 10.
gollark: Not in the next 12ish hours.
gollark: Eventually?

References
  1. Form 10-K: Annual Report (Report). Twin River Worldwide Holdings. April 1, 2019. p. 29 – via EDGAR.
  2. Form 10-K: Annual Report (Report). Twin River Worldwide Holdings. April 1, 2019. pp. 99–100 – via EDGAR.
  3. Form 10-K: Annual Report (Report). Twin River Worldwide Holdings. April 1, 2019. p. 12 – via EDGAR.
  4. Heather Tomlinson (March 30, 2004). "Gambling tycoon trumps MGM's bid for Wembley". The Guardian. London. Retrieved 2019-04-02.
  5. Brian Hallenbeck (November 27, 2012). "Holyoke is back in Massachusetts casino mix". The Day. New London, CT. Retrieved 2019-04-02.
  6. Liz Benston (January 27, 2004). "MGM Mirage buying track, slot firm for $490 million". Las Vegas Sun. Retrieved 2019-04-02.
  7. Karen Florin (February 9, 2005). "Wolman, BLB put new offer on table to buy Lincoln Park". The Day. New London, CT – via NewsBank.
  8. Jim Bainbridge (February 9, 2005). "New owners won't change local dog track". The Gazette. Colorado Springs – via NewsBank.
  9. Katherine Gregg (July 19, 2005). "BLB completes its purchase of Lincoln Park". Providence Journal – via NewsBank.
  10. M. Charles Bakst (April 1, 2007). "Slots are smoking at Twin River". Providence Journal – via NewsBank.
  11. George Brennan (June 14, 2008). "Tribe backers' 'racino' at risk". Cape Cod Times – via NewsBank.
  12. Erica Jacobson (June 15, 2008). "Struggling Rhode Island slot parlor faltering under debt". The Bulletin. Norwich, CT – via NewsBank.
  13. Jim Baron (June 24, 2009). "Twin River bankrupt". The Call. Woonsocket, RI – via NewsBank.
  14. Paul Grimaldi (November 10, 2010). "Twin River wins license transfer". Providence Journal – via NewsBank.
  15. Eric Tucker (November 9, 2010). "RI slot parlor emerges from bankruptcy protection". Associated Press – via NewsBank.
  16. "Facility Permit Ownership Transfer Application" (PDF). Rhode Island Department of Business Regulation. p. 359. Retrieved 2019-04-02.
  17. Wayne Heilman (December 16, 2010). "Off-track will get on track". The Gazette. Colorado Springs – via NewsBank.
  18. Terry Frei (May 27, 2010). "Doggone: Greyhound tracks R.I.P." Denver Post – via NewsBank.
  19. "Commerce City agency buys greyhound park". Associated Press. August 3, 2011 – via NewsBank.
  20. Paul Grimaldi (July 10, 2014). "Twin River completes purchase of Mississippi casino". Providence Journal. Retrieved 2019-04-01.
  21. Richard Salit (December 15, 2013). "Twin River agrees to buy Hard Rock Casino in Biloxi, Miss". Providence Journal. Retrieved 2019-04-01.
  22. "Purchase of Biloxi Hard Rock Casino 'important piece of puzzle' for Twin River". The Press-Register. Mobile, AL. AP. February 17, 2014. Retrieved 2019-04-01.
  23. "Twin River acquires rival Newport Grand". Washington Times. AP. March 4, 2015. Retrieved 2019-04-01.
  24. Form 10-K: Annual Report (Report). Twin River Worldwide Holdings. April 1, 2019. p. 4 – via EDGAR.
  25. Courtney Caligiuri (April 21, 2015). "Twin River announces plan to move Newport Grand to Tiverton". WPRI-TV. Retrieved 2019-04-01.
  26. Shaun Towne; Steph Machado; Shiina Losciuto (August 28, 2018). "Newport Grand closes its doors, making way for Tiverton casino". WPRI-TV. Retrieved 2019-04-01.
  27. Scott Barrett (September 1, 2018). "Tiverton casino opens with excitement, protest". Newport Daily News. Retrieved 2019-04-01.
  28. Brad Allen (July 24, 2018). "Twin River acquires Dover Downs for sports betting and egaming expertise". eGaming Review. Retrieved 2019-04-01.
  29. "Twin River completes Dover Downs acquisition and NYSE listing" (Press release). Twin River Worldwide Holdings. March 29, 2019 – via EDGAR.
  30. Brian Hallenbeck (July 23, 2018). "Twin River to merge with Delaware casino, trade publicly". The Day. New London, CT. Retrieved 2019-04-01.
  31. "Twin River completes $51M purchase of 3 casinos". Washington Post. AP. January 24, 2020. Retrieved 2020-01-24.
  32. "Black Hawk casinos bought by east coast operator Twin River". Denver Post. AP. January 29, 2019. Retrieved 2019-04-01.
  33. Ben Markus (January 31, 2019). "Colorado's casinos, horse track arm wrestle over who will cash in on sports betting". Colorado Public Radio. Retrieved 2019-04-01.
  34. https://www.inquirer.com/news/ballys-atlantic-city-sale-acquisition-twin-river-caesars-vici-20200424.html
  35. https://www.kolotv.com/content/news/Eldorado-Resorts-selling-Montbleau-casino-at-Stateline-569929791.html
  36. https://www.nevadaappeal.com/news/eldorado-resorts-to-sell-tahoes-montbleu-louisiana-casino-for-155-million/
  37. Bailey Schulz (July 11, 2019). "Eldorado Resorts to sell 2 properties in preparation of Caesars deal". Las Vegas Review-Journal. Retrieved 2019-07-13.
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