In a statement released on January 24, Affinity Gaming announced that they had completed the sale of three of their casino properties to Twin River Worldwide Holdings, Inc. The three casinos – Golden Gates, Golden Gulch, and Mardi Gras – were purchased for a reported $51 million.
The casinos are located about a half-mile from a historic Colorado mining town located about 30 miles west of Denver. The three casinos are located along a half-mile strip of casinos and hotels in Black Hawk.
The casinos contain about 3,600 square feet of gaming space between the three properties, which includes 20 gaming tables and about 700 slot machines. There are also three restaurants and a group of bars on the property that are open 24 hours a day, every day of the week. They also are now the owners of one of the parking garages in the area, which holds 700 spots.
“We are pleased to complete the sale of these three casino properties as we sharpen our focus on Affinity’s other key markets in Nevada and the Midwest,” said Chief Executive Officer at Affinity Gaming Mary Beth Higgins. “We remain committed to driving sustainable, long-term growth, while further enhancing Affinity as a local casino leader by continually improving the customer and guest experience at our properties.”
The deal gives Twin River seven total gambling facilities. Their other properties include facilities in Delaware and Mississippi, as well as two casinos in Rhode Island. They also run a race track in Colorado and five hotel facilities, four of which are attached to casinos owned by the company.
In a statement provided by President and CEO of Twin River George Papanier, he discussed how this helps to expand the company’s operations into a key demographic for Twin River. “Completing the acquisition of these three properties expands our footprint in Colorado well beyond our Arapahoe Park racetrack and Off Track Betting network. We are very pleased to close on this transaction, the latest in our ongoing efforts to diversify our portfolio. Equally exciting are our two additional casinos under contract in Kansas City, Missouri, and Vicksburg, Mississippi, as well as our newly-formed partnerships with two well-known sports betting franchises, which we are looking forward to announcing prior to the launch of sports wagering in Colorado.”
He added that “We are excited to move forward with these new acquisitions and continue to make progress towards closing other previously announced purchases as we execute on our long-term growth strategy for the company and its shareholders.”