Based on Evansville's 2019 EBITDA, the acquisition is expected to be immediately accretive to Twin River's earnings and EBITDA. The multiple excludes the impact of any potential cost synergies or possible revenue enhancement opportunities from operational improvements. The total consideration for the transaction represents an implied proforma purchase multiple of 4.4x earnings before interest, taxes, depreciation and amortization (' Evansville's 2019 EBITDA') for the period ended December 31, 2019, after accounting for the $28 million in expected annual rent payments to GLPI with respect to the Evansville property. We are acquiring the operations at a value accretive multiple, while also enhancing our interactive offerings.' 'We believe this property is a great fit for our portfolio.

It also provides us with access to an attractive Indiana gaming market, in which we will look to significantly advance our mobile and online sports betting and iGaming initiatives,' said George Papanier, President and Chief Executive Officer. 'This transaction is consistent with our core strategy of acquiring strategic gaming assets at attractive valuations and, importantly, represents the Company's entry into a 10 th state. Twin River will also acquire unencumbered rights to the sports betting and iGaming skins associated with the Evansville operations to access the growing Indiana market as part of the transaction. 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.

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