US – Twin River completes Dover Downs acquisition on NYSE listingBy Phil - 31 March 2019
Twin River Worldwide Holdings has now completed its acquisition of Dover Downs Gaming & Entertainment and listing on the New York Stock Exchange.
Located in Dover in Delaware, Dover Downs comprises a hotel, casino, and racetrack complex. It has a .625-mile harness horse racing track, which is surrounded by Dover International Speedway, a 1-mile concrete track used for NASCAR motor racing events. The casino offers more than 2,300 slot machines, 41 gaming tables and an 18-table Poker Room.
Twin River Executive Chairman John E. Taylor, Jr. said: “Our management team has done a great job diversifying our revenue base and creating sustainable growth. The Dover Downs acquisition and New York Stock Exchange listing mark the beginning of a new chapter for us by adding to our geographic base, providing us currency for strategic steps and eventually leading to liquidity for stockholders.”
George Papanier, Twin River’s CEO added: “Dover Downs is a great fit for Twin River. We see a lot to build on and look forward to working with the Dover Downs team to realise the strategic benefits of the transaction.”
Twin River common stock has been listed on the New York Stock Exchange and began trading yesterday under the ticker symbol “TRWH”.
Twin River has a clear focus on building sustainable shareholder value. Twin River expects to pay a quarterly cash dividend initially targeted at approximately one per cent of the common stock price beginning later this year. Twin River expects to determine the initial dividend and a potential return of capital as promptly as practicable in the second quarter. The amount, timing and terms will be determined and be based upon prevailing market conditions, Twin River’s financial condition and prospects and other factors, including conditions in the bank credit and debt capital markets.