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Dover Downs to be purchased by Rhode Island casino company

"Dover Downs is still going to be Dover Downs," he said. "There will still be horse racing, slots, the hotel and restaurants. Just who owns the majority of the stock will change and that will be someone who is just like Dover Downs, except five times larger." Twin River currently owns and operates three casinos, including the Twin River Casino and the Newport Grand in Rhode Island and a Hard Rock Hotel & Casino in Biloxi, Mississippi. The company also owns the Arapahoe Park horse track in Aurora, Colorado. The company took in about $427 million in revenue during the first three months of 2018. That's nearly two and a half times Dover Downs' revenue during the same period.  “We are excited about the many benefits we believe we will realize from the combination,” said Twin River’s chairman John Taylor Jr. “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 as we introduce that amenity at our properties, and in the online gaming sector which continues to evolve nationwide.” While apparently flourishing today, Twin River in 2009 filed for Chapter 11 bankruptcy after a high debt load collided with the economic downturn of the Great Recession. “I described it as the Perfect Storm in that the economy took a downturn and the ($225 million) renovations to Twin River were considerably more than were estimated,” company spokeswoman Patti Doyle said. As Twin River reorganized after the bankruptcy, the company’s debt holders became its new owners after they forgave about $290 million worth of loans, according to financial filings.

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2018-07-27 / Posted in