{"id":134514,"date":"2020-04-30T10:33:15","date_gmt":"2020-04-30T17:33:15","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=134514"},"modified":"2020-04-30T11:21:05","modified_gmt":"2020-04-30T18:21:05","slug":"twin-river-lands-more-financing-for-buying-binge","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/twin-river-lands-more-financing-for-buying-binge\/","title":{"rendered":"Twin River Finds Another $275 Million in Financing, Firms Balance Sheet for Recent Deals"},"content":{"rendered":"

Twin River Worldwide Holdings (NYSE:TRWH) is expanding its bank loan capacity by $275 million, bringing more cash onto its balance sheet to finance a series of recently announced acquisitions.<\/p>\n

\"Twin
Twin River is raising additional cash in part to finance some recent acquisitions. (Image: Bloomberg)<\/figcaption><\/figure>\n

The gaming company said it expects to be funded on May 11. The new influx of capital is an addition to a previously existing bank credit agreement.<\/p>\n

The financing is expected to satisfy the financing contingency under Twin River’s previously announced agreement to acquire the Eldorado Shreveport Resort and Casino and the MontBleu Resort Casino & Spa,\u201d said the Rhode Island-based company in a statement.<\/p><\/blockquote>\n

Last week, TRWH agreed to acquire the Eldorado Shreveport in Louisiana and the MontBleu Resort in Lake Tahoe, Nevada from Eldorado Resorts (NASDAQ:ERI) for $155 million \u2013 deals viewed by industry observers as favorable to the buyer because they’re happening at fire sale prices<\/a>.<\/p>\n

Moving Cash Around<\/h2>\n

TRWH is also paying $25 million to purchase Bally’s on the Atlantic City, N.J. Boardwalk from Caesars Entertainment (NASDAQ:CZR) \u2013 another acquisition seen happening at a rock-bottom price. Those deals will take some time to close, giving TRWH the ability to repay an existing credit revolver and then borrow on it again in the future.<\/p>\n

\n

\u201cAs the regulatory approval process for those transactions will take some time, Twin River intends to repay $250 million of revolving credit borrowings under the bank credit facility, which will be available for future borrowings in accordance with the credit agreement,\u201d said the operator.<\/p>\n<\/div>\n

At the end of the first quarter, TRWH had $385 million in cash on hand and $250 million in borrowing capacity, giving it one of the stronger capital positions<\/a> among smaller regional gaming companies. The company has no debt maturities coming due until 2024.<\/p>\n

Not Much Vision on Reopening<\/h2>\n

Twin River’s gaming property roster is currently comprised of seven casinos \u2013 two in Rhode Island, one in Mississippi, one in Delaware, and three casinos plus a horse racetrack in Colorado. As is the case with comparable venues throughout the US, the company’s properties remain shuttered due to the coronavirus, and TRWH has little visibility as to when its operations will be allowed to reopen.<\/p>\n

Operators with exposure to multiple states are saying they expect various timelines<\/a> as to when their properties will be open again.<\/p>\n

\u201cWhile we remain optimistic about reopening, this additional financing ensures we have the financial resources necessary to continue funding operations, servicing our obligations, and pursing organic and strategic growth opportunities through the COVID-19 crisis,\u201d said TRWH CEO George Papanier.<\/strong><\/p>\n

On a brighter note, analysts are lauding the company’s recent purchases. In addition to the favorable pricing \u2013 $180 million combined for three casinos is seen as cheap \u2013 Wall Street is applauding TRWH’s ongoing effort to increase geographic diversity<\/a> and reduce its revenue dependence on the highly competitive New England market.<\/p>\n","protected":false},"excerpt":{"rendered":"

Twin River Worldwide Holdings (NYSE:TRWH) is expanding its bank loan capacity by $275 million, bringing more cash onto its balance sheet to finance a series of recently announced acquisitions. The gaming company said it expects to be funded on May 11. The new influx of capital is an addition to a previously existing bank credit […]<\/p>\n","protected":false},"author":46,"featured_media":134516,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\nTwin River Lands More Financing for Buying Binge<\/title>\n<meta name=\"description\" content=\"Twin River lands more financing as the company looks to firm up its balance sheet and pay for recently announced buys of three casinos.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Twin River Lands More Financing for Buying Binge\" \/>\n<meta property=\"og:description\" content=\"Twin River lands more financing as the company looks to firm up its balance sheet and pay for recently announced buys of three casinos.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/twin-river-lands-more-financing-for-buying-binge\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-30T17:33:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-30T18:21:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/ballys2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"1334\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/twin-river-lands-more-financing-for-buying-binge\/\",\"url\":\"https:\/\/www.casino.org\/news\/twin-river-lands-more-financing-for-buying-binge\/\",\"name\":\"Twin River Lands More Financing for Buying Binge\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/twin-river-lands-more-financing-for-buying-binge\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/twin-river-lands-more-financing-for-buying-binge\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/ballys2.jpg\",\"datePublished\":\"2020-04-30T17:33:15+00:00\",\"dateModified\":\"2020-04-30T18:21:05+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Twin River lands more financing as the company looks to firm up its balance sheet and pay for recently announced buys of three casinos.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/twin-river-lands-more-financing-for-buying-binge\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/twin-river-lands-more-financing-for-buying-binge\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/twin-river-lands-more-financing-for-buying-binge\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/ballys2.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/ballys2.jpg\",\"width\":2000,\"height\":1334,\"caption\":\"Twin River is raising additional cash in part to finance some recent acquisitions. 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