Dover Downs stakeholders to vote on proposed merger with fellow casino company Twin River at a special meeting on March 26at a special meeting next month, the two gaming and entertainment operators announced in a joint statement issued on Friday.
Dover Downs Gaming & Entertainment shareholders will vote on the company’s proposed merger with Twin River Worldwide Holdings, Inc.
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The companies also said that the US Securities and Exchange Commission has declared effective Twin River’s registration statement that contained Dover Downs’ proxy statement regarding the proposed merger.
Twin River and Dover Downs first revealed plans to merge their operations last July. The deal, when finalized, would represent the latest of this kind amid a wave of consolidation within the US land-based casino field. Urged by growing competition, the legalization of sports betting, and some regulatory pressure, a number of companies have opted to combine their businesses with fellow casino operators in a bid to better position themselves to claim a larger share of the market.
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The special meeting of Dover Downs’ shareholders is set to take place on March 26 at 8 am Eastern Time at Dover Downs Hotel & Casino in Dover, Delaware. Shareholders of record at close of business on February 5 will be able to vote on the proposed merger.
The deal is expected to be finalized shortly after the meeting, subject to shareholder approval, the satisfaction of certain other conditions, and regulatory approvals.
Twin River operates the Twin River Tiverton and Twin River Lincoln casinos in its home state, Rhode Island. Late last year, the two properties debuted their physical sportsbooks to became the state’s exclusive providers of legal sports betting services.
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The company also manages gambling venues in Biloxi, Mississippi and Aurora, Colorado. The merger with Dover Downs will expand Twin River’s geographical presence to the Mid-Atlantic region.
The deal will also transform Twin Rivers into a publicly traded company. Under the terms of the planned merger, Dover Downs shareholders will exchange their stock for common shares in Twin River, representing 7.225% of the total equity of the combined entity. Twin River shares are to be registered on NYSE or NASDAQ.
The company generated net revenue of $428.8 million during the fiscal year ended December 31, 2017.
Once the deal closes, Twin River will add the Dover Downs Hotel & Casino property in Dover, Delaware to its portfolio and will expand its gaming offering with 2,200 more slot machines and a number of table games. Dover Downs also added recently a sportsbook that takes single-game bets on professional and collegiate sporting events.
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