Who Owns Twin River Casino?
When it comes to casinos in the United States, Twin River Casino is a well-known name. Located in Lincoln, Rhode Island, it is one of the largest casinos in the state, offering numerous gaming options and entertainment options to visitors. But for those who are curious about the casino’s ownership and want a clearer picture of who is in charge, this article is for you.
A Historical Account: The Ownership Evolution of Twin River Casino from the Beginning
The Twin River Casino officially opened its doors in 2007, after undergoing a major renovation and rebranding of the former Lincoln Park, which first opened in 1899. The casino was developed by BLB Investors, LLC, a partnership between Patti Doyle, a local businesswoman, and Larry B. Lucchino, former CEO of the Boston Red Sox. From the beginning BLB Investors, LLC owned more than 90% of the casino’s equity interest.
However, over the years, the casino underwent significant ownership changes, with BLB Investors eventually selling its equity interest to Twin River Worldwide Holdings, Inc., a publicly traded company, in 2009. Twin River Worldwide Holdings, Inc. acquired full control of the casino and became its sole owner. Today, Twin River Worldwide Holdings, Inc. is one of the largest casino operators in the United States with long-standing gaming operations in Rhode Island and Mississippi, and casinos under construction in Pennsylvania and Colorado.
The Battle for Control: A Look at the Ownership Dispute of Twin River Casino
Throughout the years, there have been various ownership disputes and legal scuffles over the control of the Twin River Casino. One such dispute occurred in 2014 when the casino was leased to a new management company, BLB Investors, LLC, led by local business leaders and investors. This action was opposed by Newport Grand Casino, an opposing Rhode Island casino which had launched a failed bid to take over the Lincoln casino just one year earlier. Newport Grand Casino filed a lawsuit against the Twin River Casino and the Rhode Island State Department of the Attorney General, alleging that the lease violated Rhode Island law. This led to a settlement between the two parties that included a payment from Twin River Casino to Newport Grand Casino, which later closed in 2018, and an agreement that allowed BLB to continue managing the casino.
Another dispute took place recently in 2020, when Twin River Worldwide Holdings changed its name to Bally’s Corporation and acquired various gaming properties, including the namesake casino brand. The acquisition has drawn both scrutiny and challenge from investors, who have made a variety of critical statements regarding Bally’s apparent willingness to overpay for gaming assets under a new cash-and-stock deal that was still being worked out as of September 2020. Despite these controversies, Bally’s Corporation still maintains ownership and control of Twin River Casino, at least for now.
A Comprehensive Guide to the Different Entities Behind Twin River Casino
To fully understand who owns Twin River Casino, it’s important to look at its complex ownership structure. The following are the major entities associated with the casino:
- Twin River Worldwide Holdings, Inc.: This is the primary owner of Twin River Casino and oversees all of its operations.
- BLB Investors, LLC: This was the original ownership group that developed and owned more than 90% of the casino’s equity interest before selling it to Twin River Worldwide Holdings, Inc. in 2009.
- Bally’s Corporation: This is the current owner of Twin River Casino, having acquired Twin River Worldwide Holdings in 2020.
Current Ownership Landscape of Twin River Casino: Who are the Major Players?
Currently, Bally’s Corporation is the sole owner and operator of Twin River Casino. Bally’s Corporation was previously known as Twin River Worldwide Holdings, Inc. prior to its acquisition of the Bally’s Corporation brand. Bally’s Corporation is a publicly traded company that owns and manages 14 casinos across 11 states in the United States.
Investigating the Mysterious Ownership Change of Twin River Casino: What Really Happened?
While the ownership of Twin River Casino has shifted over the years, the most recent change–from Twin River Worldwide Holdings to Bally’s Corporation–is perhaps the most mysterious and dramatic. According to reports, the deal, which was announced in November 2020 and completed in March 2021, was worth $2.8 billion. Some experts speculate that the acquisition may have been driven in part by Bally’s Corporation’s desire to expand its gaming presence and compete with other major players like MGM Resorts International and Caesars Entertainment, while others believe there may have been other factors at play.
Conclusion
While the ownership of Twin River Casino has undergone various transformations over the years, one thing remains clear: Bally’s Corporation now owns and operates the casino. Whether this arrangement will remain as such in the future remains to be seen, but for now, the casino’s operations and management continue under the Bally’s Corporation umbrella.
If you’re someone who has been confused about the ownership of Twin River Casino and who has been in charge over the years, hopefully, this article has offered some clarity. While the casino may have experienced disputes and legal battles over its ownership, the current state of affairs seems stable, at least for now.