Twin River Worldwide Holdings has agreed to acquire the Tropicana Evansville Casino in Indiana from Caesars Entertainment.
The property will be sold to real estate investment trust Gaming and Leisure Properties (GLPI) – which was spun off from Penn National Gaming in 2013 – for $340m. GLPI will then lease it to Twin River for $28m per year in rent, which may increase due to inflation.
Twin River president and chief executive George Papanier said the chance to launch operations in Indiana was a major reason for agreeing the deal.
“This 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 state,” Papanier explained.