Delaware Horse Racing and Casino Company Dover Downs has announced that it has entered into a merger agreement with Online Casino and Sports Betting Company Twin Rivers Worldwide Holdings in an endeavor to transform Twin Rivers into a publicly traded company with gaming and entertainment holdings all over the United States.
According to a press release, the merger is due to provide a physical presence for Twin River in the Mid-Atlantic region, a new geographic market.
John E. Taylor Jr. Executive Chairman at Twin River, commented on the agreement by saying that they are excited about the many benefits they believe they realize from the combination. He added that Dover Downs and its team are experienced in not only brick and mortar casino operations, but in sports betting, which we think will be helpful to them as they introduce that amenity at their properties, and in the online gaming sector which continues to evolve nationwide.
Taylor went on to say that equally important, they see real opportunities to grow the Dover Downs business through investment in its people and facilities, similar to what they have achieved with their other assets over the past several years,
As a condition to closing, Twin River, which is privately held does not have any public market for its shares. In terms of a condition to closing, Twin River will register its shares with the Securities and Exchange Commission and list their shares on the NYSE or NASDAQ.
Denis McGlynn, Dover Downs’ President and Chief Executive of Dover Downs, said that becoming part of the Twin Rivers would be a transformation development for the company.