American casino operator, Affinity Gaming, has announced the signing of a definitive agreement that is set to see it offload its trio of small casinos in Colorado to rival Twin River Worldwide Holdings Incorporated for an undisclosed amount.
Black Hawk trio:
The Las Vegas-headquartered firm used an official Tuesday press release to detail that the deal for its Mardi Gras Casino, Golden Gulch Casino and Golden Gates Casino in the tiny city of Black Hawk will allow it to better concentrate on its ‘core portfolio,’ which is to subsequently encompass eight properties spread across the states of Nevada, Missouri and Iowa.
Affinity Gaming, which was purchased by private equity management firm Z Capital Partners in 2017, also explained that it acquired the three Colorado casinos almost seven years ago with the venues currently featuring a combined 36,000 sq ft of gaming space to offer some 700 slots alongside almost 20 gaming tables and a poker parlor.
For its part, Twin River Worldwide Holdings is the operator behind Rhode Island’s Twin River Casino Hotel and Tiverton Casino Hotel and it declared that the arrangement is expected to close by early next year ‘subject to customary closing conditions’ such as approval from the Colorado Limited Gaming Control Commission and the Colorado Division of Gaming.
All about diversification:
George Papanier, President and Chief Executive Officer for Twin River Worldwide Holdings Incorporated, revealed that the three Black Hawk venues sit in close proximity to each other along a half-mile strip of casino and hotel properties. He additionally divulged that the trio of enterprises features a 700-space parking garage as well as restaurants and around-the-clock bars.
Papanier’s statement read…
“The acquisition of the Golden Gates Casino, Golden Gulch Casino and Mardi Gras Casino properties is a unique opportunity to further grow and diversify our nationwide portfolio of gaming properties. We are pleased to expand our portfolio in Colorado beyond our Arapahoe Park race track and statewide off-track betting network to establish a significant presence in the growing Black Hawk market.”