Twin River's Acquisition of Dover Downs Completed, Company Begins Trading on NY Stock Exchange

The long-awaited confirmation of Twin River Worldwide Holdings’ completion of Dover Downs Gaming and Entertainment purchase has been announced after the listing appeared this week on the New York Stock Exchange.

The stock of the common company created by the merging of the two (with Twin River name retained) has begun trading under the ticker symbol, TRWH. Accompanying this announcement was the company’s official statement…

…that says organization will keep striving for “a clear focus on building sustainable shareholder value.”

An Overwhelming Majority Approved

Just prior to the finalization of acquisition…

…shareholders of Dover Downs held a meeting during which they were required to vote on the approval of the deal. Approximately 99% of votes were in favor of this business maneuver.

Twin River’s Chief Executive Officer, George Papanier, has remarked that Dover Downs presents a great fit for his company and that executives already see a lot to build on and look forward to working with Dover Downs team, “to realize the strategic benefits of the transaction.”

Focus on Growing the Business

The company’s Executive Chairman, John Taylor, is of the same mind and weighed in with his opinion when the deal was first announced…

…by stating that the company has been focused on overall business growth for a while now, with the ultimate objective being creating a greater shareholder value and expanding a geographic footprint in order to “achieve financial economies and strengthen financial position.”

“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,” added Taylor.

In his opinion, the merger could help position the brand in such a fashion that all three objectives are achievable…

…all the while keeping the liquidity for existing Twin River shareholders.

“We’re grateful for the strong partnership we enjoy with the State of Rhode Island at our flagship property, and we look forward to working equally effectively with the State of Delaware in maximising the potential of Dover Downs,” concluded Taylor.

A Major Role in Mobile Wagering

Twin River Casino venue has become a pivotal property for the realization of Rhode Island’s ambitions of introducing mobile sports betting. If the measure es without a hitch, it could lead to the creation of a mobile app that visitors of the casino could use to access the venue’s sportsbook.

Twin River Tiverton and Twin River Lincoln saw the installment of two sports betting kiosks before the beginning of NCAA’s March Madness. The self-betting kiosks were introduced in order to reduce lines during the sports gambling season’s culmination.

Source:

“Twin River completes Dover Downs acquisition”, casinobeats.com, March 29, 2019.