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.
