News Column

BRIEF: Twin River completes purchase of Mississippi casino

July 10, 2014

By Paul Grimaldi, The Providence Journal, R.I.



July 10--LINCOLN, R.I. -- Twin River Casino has completed its previously announced purchase of a casino in Mississippi, the Lincoln-based company announced today.

In December 2013, Twin River announced it had struck a deal to buy another gambling venue -- the Hard Rock Hotel & Casino in Biloxi, Miss. -- for $250 million. The purchase is intended to strengthen the Lincoln casino in anticipation of the arrival of casinos in Massachusetts.

Rhode Island, which takes the largest chunk of gambling revenue from Twin River and Newport Grand, could see its earnings drop by $100 million should Massachusetts gambling plans become fully realized.

"This is a critically important day in the history of Twin River," said John E. Taylor, Jr., chairman of Twin River. "Our long term vision all along was to strengthen Twin River as a business so that we might create greater value for our various stakeholders and at the same time, mitigate competitive threats, particularly with respect to Massachusetts casinos."

The casino will maintain its Hard Rock affiliation and received a license for use of the brand name as part of the transaction.

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(c)2014 The Providence Journal (Providence, R.I.)

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Source: Providence Journal (RI)


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