Las Vegas-based Affinity Gaming is selling its three Black Hawk, Colorado casinos—Golden Gates, Golden Gulch and Mardi Gras—to Twin River Worldwide Holdings, the owner of the two casinos in Rhode Island, plus a Mississippi casino and Colorado racetrack.
The three casinos are located in close proximity to one another along a half-mile strip of casino and casino-hotel properties in the historic mining town of Black Hawk, with a combined 36,000 square feet of gaming space featuring nearly 20 table games, approximately 700 slots and a poker parlor. The properties also offer three restaurants and 24/7 bars, and one of the only parking garages in the market, with 700 spaces.
“The acquisition of the Golden Gates, Golden Gulch and Mardi Gras casino properties is a unique opportunity to further grow and diversify our nationwide portfolio of gaming properties,” said George Papanier, president and chief executive officer of Twin River. “We are pleased to expand our portfolio in Colorado beyond our Arapahoe Park racetrack and statewide off-track betting network, establishing a significant presence in the growing Black Hawk market.”
Twin Rivers operates two casinos in Rhode Island and recently acquired Delaware’s Dover Downs racetrack and casino.
The transaction is subject to customary closing conditions, including review by the Colorado Division of Gaming and approval by the Colorado Limited Gaming Control Commission, and is expected to close in early 2020. Credit Suisse acted as financial advisor to Affinity Gaming.
Affinity acquired the three Black Hawk casinos in 2012. Affiliates of Z Capital Partners, the private equity management arm of Z Capital Group, closed their take-private acquisition of Affinity in 2017. The sale will allow Affinity to focus on its core portfolio in Nevada and the Midwest, which will includes eight properties in three jurisdictions upon closing of the transaction.
