Twin River Worldwide Acquires Jumer's Casino And Hotel

Twin River Worldwide Holdings, Inc. announced today that it has entered into an agreement with Delaware North Company Gaming and Entertainment Inc. to acquire Jumus Casino and Hotel in Rock Island, Illinois, for $120 million in cash.

The total consideration for the transaction represents an implied pro forma purchase multiple of approximately 7.4 times the 12-month earnings before interest, tax, depreciation and amortization ("Adjusted EBITDA") (ending December 31, 2019). This multiple excludes the potential cost synergies from operational improvements or the impact of possible revenue enhancement opportunities. Based on Jumer Adjusted EBITDA for the year ended December 31, 2019, the acquisition is expected to be immediately added to earnings. The Company is expected to raise the purchase price by combining the cash on hand, ongoing operating cash, and borrowings from revolving credit facilities.

"Even in the current operating environment amid COVID-19, we advance our disciplined portfolio diversification strategy as we continue to opportunistically expand our regional presence through accretive transactions," commented George Papanier, President and Chief Executive Officer of Twin River. "This acquisition further expands our geographic reach into yet another attractive market. It provides access to a growing gaming market in Illinois, with the potential to capitalize on potentially lucrative sports betting opportunities. We look forward to the opportunity to leverage our operational expertise and proven integration approach to drive incremental revenues and cash flow improvements."   슬롯사이트

Jumer's is located in the Quad Cities in Rock Island, Illinois and features a 40,000 square foot casino floor containing more than 870 slot machines and 25 table games, a 205 room hotel with 11 luxury suites, an events center, the Oculus Sports Bar, the Edje nightclub and four restaurants.

After acquisition of this property and taking into consideration three additional properties currently under contract, Twin River will operate 13 properties in nine states.

Mr. Papanier continued "Over the last several years through our efforts with Hard Rock Biloxi, Dover Downs, our Black Hawk Colorado Casinos and most recently Casino KC and Casino Vicksburg, we have demonstrated an ability to integrate and operate acquired casino assets. We believe this experience will prove valuable as we look to further enhance Jumer's financial performance. In particular, we believe there is an opportunity to improve operations and enhance revenues at the property which would allow us to lower our acquisition multiple."

The transaction is expected to close during the second quarter of 2021 subject to receipt of required regulatory approvals and other customary closing conditions and is subject to a customary working capital adjustment.