Dover Downs to complete merger with Twin Rivers
Dover Downs Gaming & Entertainment shareholders have voted in favour of the casino operator’s proposed merger with Twin River Worldwide Holdings.
Over 99% of the votes cast were cast in favour of the merger and the two parties now expect to complete the deal tomorrow (March 28).
Delaware-based Dover Downs will become a wholly-owned subsidiary of Twin River, which operates two facilities in Rhode Island. All outstanding Dover Downs common stock and Class A common stock will be converted into shares of Twin River common stock.
In addition, Dover Downs common stock will cease trading on and be delisted from the New York Stock Exchange. Twin River's common stock will now be listed under the symbol ‘TRWH’ and commence trading on March 29.
Dover Downs and Twin River first announced plans to merge in July of last year, with plans to focus on the online betting and gaming markets.
Under the original agreement, it was said that Dover Downs stockholders would exchange their stock for Twin River common shares, representing 7.225% of the equity in the combined company at closing. It was also agreed that common stock and Class A Common Stock of Dover Downs would be treated equally in the merger.
Dover Downs offers traditional casino gaming as well as online gambling and, as of June last year, sports betting services after Delaware passed laws to legalise sports wagering in the state.
The Twin Rivers Rhode Island casinos in Lincoln and Tiverton have also been taking legal sports bets since the state moved to regulate sports wagering in the wake of last year’s PASPA ruling. The Rhode Island sports betting market went live in November, with online wagering regulations signed into law by Governor Gina Raimondo this week.