Dover Downs To Be Acquired By Rhode Island Company

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Dover Downs Gaming & Entertainment, Inc. and Twin River Worldwide Holdings, Inc. have announced that Dover Downs received the required vote of Dover Downs stockholders to approve the proposed merger of Dover Downs and Twin River at today’s special meeting and that the parties expect to close the transaction on March 28, 2019. Over 99% of the votes cast were

 

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cast in favor of the merger. A “majority of the minority” of stockholders also approved the merger.

Upon completion of the merger, Dover Downs will become a wholly-owned subsidiary of Twin River, and all outstanding shares of Dover Downs common stock and class A common stock will be converted into the right to receive shares of Twin River common stock (with cash in lieu of fractional shares). In addition, Dover Downs common stock will cease trading on, and be delisted from, the New York Stock Exchange (“NYSE”), and Twin River’s common stock will be listed on the NYSE under the symbol “TRWH” and begin trading on March 29, 2019.

Twin River owns and manages two casinos in Rhode Island and one in Mississippi, as well as a Colorado horse race track that possesses 13 OTB licenses. Properties include Twin River Casino Hotel (Lincoln, RI), Hard Rock Hotel & Casino (Biloxi, MS), Tiverton Casino Hotel (Tiverton, RI) and Arapahoe Park (Aurora, CO). Twin River’s expertise spans various casino markets, including regional, destination and resort environments. Its casinos range in size from 1,000 slots and 32 table games facilities to properties with 4,200 slots and 123 table games, along with hotel and resort amenities.

Dover Downs Hotel & Casino┬« gaming operations consist of approximately 2,200 slots, a full complement of table games, including poker, and a newly expanded race and sports book taking single game wagers on professional and college sports. The AAA-rated Four Diamond hotel is Delaware’s largest with 500 luxurious rooms/suites and amenities including a full-service spa/salon, concert hall and 41,500 sq. ft. of multi-use event space. Live, world-class harness racing is featured November through April, and horse racing is simulcast year-round. Additional property amenities include multiple restaurants from fine dining to casual fare, bars/lounges, and retail shops.

The deal doesn’t include┬áDover Motorsports, which operates NASCAR races at the location twice a year.

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