TRWH - Twin River Worldwide adds Illinois casino in opportunistic M&A strike
Twin River Worldwide Holdings (TRWH) strikes a deal with Delaware North Companies Gaming & Entertainment to acquire Jumer's Casino & Hotel in Rock Island, Illinois for $120M. The company says the total consideration for the transaction represents an implied proforma purchase multiple of approximately 7.4X trailing twelve months adjusted EBITDA. The multiple excludes the impact of any potential cost synergies or possible revenue enhancement opportunities from operational improvements. "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," says CEO George Papanier on the deal. "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," he adds. The transaction is expected to close during Q2 of 2021. Source: Press Release
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Twin River Worldwide adds Illinois casino in opportunistic M&A strike