Rhode Island Group To Purchase Dover Downs Casinos
DOVER, Del. (AP) — The Dover Downs casino in Delaware is being acquired by a Rhode Island-based gambling company.
In a Securities and Exchange filing Monday, Dover Downs Gaming & Entertainment said it had entered into a definitive merger agreement Sunday with Twin River Worldwide Holdings.
As part of the agreement, privately held Twin River will become a publicly traded company.
The agreement calls for Dover Downs stock to be exchanged for Twin River common shares representing 7.2 percent of the equity in the combined company at closing.
Closing of the deal is subject to approval by Dover Downs shareholders.
Dover Downs shares were up $1, or 50 percent, in afternoon trading Monday.
Twin River's holdings include two casinos in Rhode Island and the Hard Rock Hotel & Casino in Biloxi, Mississippi.
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