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Twin River will issue $950 million in debt to repay existing debt and return $250 million in capital to shareholders.

Keith Foley of Moody’s gave Twin River a B1 corporate family credit rating citing debt-to-EBITDA below four times and the expectations the company will continue its strong performance in Rhode Island in the face of Wynn Encore near Boston, opening in June.

He also expects TRWH to generate $80 million in cash flow.

Drew Las Vegas developer Witkoff is pushing the casino’s opening back to the second quarter of 2022 after announcing Diller Scofidio + Renfro as the design architect for the project.

The 3,780-room Drew, which will have more than 550,000 square feet of meeting and convention space, was supposed to open in late 2020.

The Drew will be unlike anything on the Strip today as it will include curated experiences from around the world, the company said.

The building originally broke ground in 2007 as the Fontainebleau, but that $2.8 billion project went bankrupt in 2009. Carl Icahn bought Fontainebleau in 2010 for $150 million and sold it to Witkoff in 2017 for $600 million.

Pennsylvania will see its first mobile sports app launch within two to three weeks and expects iGaming to go live July 15.

There are currently 10 iGaming license holders and three iGaming operators that have been approved. Several of those operators should be ready to launch that week.

There isn’t a controlled launch for mobile sports betting like for iGaming, so operators can set test launches live as soon as possible, the Gaming Control Board said.

By Steve Norton
CEO, Norton Management

Georgia Senate Creates Committee to Study Gambling

My comment:

Georgia should look at the economic benefits that a destination casino, like the Las Vegas Venetian, could do for Atlanta's existing near 100,000 room hotel industry which is a city also enjoying the benefits of having the world's busiest airport. The addition of a destination casino resort, with its showrooms and lounge entertainment, plus meeting and exhibit space, would grow the number of conventions and trade shows coming to Atlanta but would also add more exhibitors and attendees to the existing and planned conferences.

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