Gaming and Casino company Twin River Worldwide Holdings has agreed to acquire Caesar Entertainment’s Tropicana Evansville Casino in Indiana.
The property will be sold to real estate investment trust Gaming and Leisure Properties (GLPI). The GLPI will then lease the property to Twin River for $28 million per year, which may increase due to inflation.
According to George Papanier, Twin River president and chief executive, the chance to launch operations in Indina was one of the major factors for signing the agreement.
“The transaction is consistent with our core strategy of acquiring strategic gaming assets at attractive valuations and, importantly, represents the Company’s entry into a 10th sate,” Papanier said.