DOVER, Del.- A Rhode Island gaming company completed its purchase of Dover Downs in recent days, completing a transaction that changes who controls Delaware's only publicly-traded casino.
Twin River Worldwide Holdings on March 29 completed its purchase of Dover Downs, and in doing so, also became a publicly traded company itself. The deal was announced last year.
Although it is unclear whether Twin River will move to reduce staff at Dover Downs, George Papanier, President and CEO of Twin River Worldwide Holdings, Inc. said in a statement:
"When two companies of similar size and corporate structure merge, it’s certainly not uncommon to review the new entity for possible redundancy. That said, we are considering a variety of capital expenditures for Dover Downs and are planning to implement a long term business and investment strategy that will allow us to ultimately grow the business. We hope that growth of the Dover Downs business will result in increased employment opportunities in the state and allow the property to be a fixture of the Dover community for years to come."
Dover Downs posted a net profit of only about $30,000 in 2018.
