US – Twin River completes purchase of three Colorado casinosBy Phil - 26 January 2020
Affinity Gaming has completed the previously announced sale of the Golden Gates, Golden Gulch and Mardi Gras casino properties in Black Hawk, Colorado, to Twin River Worldwide Holdings for $51m, subject to customary adjustments.
“We are pleased to complete the sale of these three casino properties as we sharpen our focus on Affinity’s other key markets in Nevada and the Midwest,” said Mary Beth Higgins, Chief Executive Officer of Affinity Gaming. “We remain committed to driving sustainable, long-term growth, while further enhancing Affinity as a local casino leader by continually improving the customer and guest experience at our properties.”
“Completing the acquisition of these three properties expands our footprint in Colorado well beyond our Arapahoe Park racetrack and Off Track Betting network,” said George Papanier, President and Chief Executive Officer of Twin River. “We are very pleased to close on this transaction, the latest in our ongoing efforts to diversify our portfolio. Equally exciting are our two additional casinos under contract in Kansas City, Missouri and Vicksburg, Mississippi, as well as our newly-formed partnerships with two well-known sports betting franchises, which we are looking forward to announcing prior to the launch of sports wagering in Colorado.”
Golden Gates, Golden Gulch and Mardi Gras are located in close proximity to one another along a half-mile strip of casino and casino-hotel properties in the historic mining town of Black Hawk, Colorado. Affinity acquired the three Black Hawk casinos in 2012 and over the past 8 years has worked to enhance the combined 36,000 square feet of gaming space, which today features nearly 20 table games, approximately 700 slots and a poker parlor. The properties also offer three restaurants and 24/7 bars, and one of the only parking garages in the market, with 700 spaces.
Mr. Papanier states “We are excited to move forward with these new acquisitions and continue to make progress towards closing other previously announced purchases as we execute on our long-term growth strategy for the company and its shareholders.” added: Papanier states “We are excited to move forward with these new acquisitions and continue to make progress towards closing other previously announced purchases as we execute on our long-term growth strategy for the company and its shareholders.”
Affiliates of Z Capital Partners, the private equity management arm of Z Capital Group, closed their take-private acquisition of Affinity in 2017.