M&A

Twin River acquires Dover Downs for sports betting and egaming expertise

Rhode Island operator to go public following reverse merger agreement

Rhode Island casino operator Twin River has acquired Delaware property Dover Downs through a merger agreement that will allow Twin River to go public.

Twin River executive chairman John E. Taylor, Jr. said Dover Downs’ expertise in sports betting and online gaming was a key driver of the deal.

Dover Downs shareholders will own 7.225% of the combined company once it lists.

“We’re excited about the many benefits we believe we will realize from the combination,” said Taylor Jr.

“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.”

The exec also hailed the expanded geographic footprint of Twin Rivers after the deal.

Delaware was the first state to launch full sports betting after the repeal of PASPA, with Dover Downs generating around 15% of handle in the first three weeks.

Twin River owns and manages two casinos in Rhode Island and one in Biloxi, Mississippi.

Rhode Island sports betting is expected to go live in October.

Dover Downs’ president and CEO, Denis McGlynn, added: “Becoming part of Twin River is transformational for us.

“We have been impressed with the depth and talent of the Twin River organization and their operational capabilities. We believe this transaction will help us grow our business, invest in our people and our facilities and compete more effectively given changes in gaming on the horizon.

“We expect to see many positive benefits for the State, the Delaware Lottery and our employees and stockholders.”

Delaware | Dover Downs | M&A

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