Twin River will also acquire unencumbered rights to the sports betting and iGaming skins associated with the Evansville operations to access the growing Indiana market as part of the transaction. As part of the transaction, GLPI will acquire the real estate at Twin River's Dover, Delaware facility for $144 million and lease it back to Twin River for $12 million/year in rent, subject to escalation. As a result, Twin River will acquire the Evansville facility, which had $32 million in 2019 EBITDA (after $28 million pro forma for the lease), at a multiple of 4.4x 2019 rent-adjusted EBITDA. ('GLPI'), a publicly traded gaming-focused real estate investment trust ('REIT'), will acquire the Evansville casino real estate for $340 million and lease it back to Twin River for $28 million/year in rent, subject to escalation. As a result of the transaction structure, Twin River will make the acquisition without any cash outlay.Īs part of the acquisition, Gaming and Leisure Properties, Inc. (NYSE: TRWH) today announced that it has entered into an agreement to acquire the Tropicana Evansville casino operations from Caesars Entertainment, Inc. (NASDAQ: CZR) for $140 million. 27, 2020 /PRNewswire/ - Twin River Worldwide Holdings, Inc.
