Twin River Casino operator hopes to merge with Dover Downs

by Administrator
in Casino

Dover Downs is a public company, with stock listed on the New York Stock exchange.

So, Twin River, besides gaining another casino, will also be changing itself into a public company.

Twin River has been expanding ever since it bought the Lincoln facility in 2007.

Since then, it has bought a casino hotel in Mississippi, the Biloxi Hardrock.

In 2018, it opened the Tiverton Casino Hotel after moving Newport Grand.

Now, it’s on track to merge with the publicly traded Dover Downs, track, hotel, and casino in Dover, Delaware.

A public meeting of stockholders has been scheduled for March 26 in Dover to approve the merger, which is being recommended by directors of both companies.

Twin River has said the acquisitions allow it to run all of the companies more profitably.

As part of its filings with the Security and Exchange Commission, Twin River estimated its future earnings, without the merger.

It predicts revenues of nearly $1 billion a year, through 2022, with $987 million estimated for revenue this year, leaving a little more than $200 million in earnings before taxes.

For the purposes of the merger, the value of the Twin River Company was estimated at $1,250,000,000 billion.