Dover Downs Hotel & Casino, Delaware’s only publicly traded racino, got a new lease on life last year when state legislators passed a package of tax relief that allowed for a return to profitability after years of struggle.
That fact was not lost on officials of Twin Rivers Holdings, the owner of two Rhode Island casinos, who decided to hedge their bets against the coming competition from Wynn Resorts in Boston by acquiring Dover Downs, as well as buying casinos in Vicksburg and Kansas City from Eldorado Resorts.
Twin River CEO George Papanier, in an interview last week with the Delaware Business Now news site, said he is bullish on Dover Downs’ prospects after the company filed numbers with the federal Securities and Exchange Commission reporting adjusted EBITDA of nearly $5.7 million for Dover and its other Mississippi casino, the Hard Rock Biloxi, in the second quarter.
“Financial performance at Dover during our first full quarter of ownership exceeded our already high expectation due to our initial integration and optimization efforts, and yet we still anticipate substantial physical and operating changes to be implemented,” Papanier said.
“Again, this property is ramping its operations and financial performance faster than expected and, with our numerous implemented and planned changes and upgrades to both the marketing plan and customer experience, we expect to further improve upon this upward trajectory.”
