Not long ago, Twin River Worldwide Holdings Inc. officially acquired the Isle of Capri Casino in Kansas City, Missouri. Company officials hinted they planned to add some new features to this struggling gaming venue. According to new reports, the Isle of Capri Casino is set for a $61 million upgrade soon.
Twin River certainly sees the potential in the venue. Hope is that this company can turn this casino into a major tourist destination. Today, we’re going to look at what exactly Twin River has planned for this property.
Let’s get into it!
Eldorado Resorts Completes Acquisition of Caesars Entertainment
The merger between Eldorado Resorts and Caesars Entertainment first began back in June of 2019. It was huge news for the US casino industry. Eldorado agreed to pay $17.3 billion for the acquisition of Caesars, the most money ever paid for a casino company.
Once the merger was complete, this would become the largest casino operator in the United States. Obviously, gambling commissions around the United States began taking a close look at this deal. These commissions wanted to ensure that this new company would not result in a monopoly.
The FTC approved this merger back in June of this year. Eldorado and Caesars received the final approvals from three more gambling commissions last week. On Monday, news broke that this merger finally concluded.
Getting to this point wasn’t easy. Over the past 13 months, Eldorado and Caesars were forced to sell many of their biggest properties. That includes the Isle of Capri Casino in Kansas City, Missouri.
Twin River Worldwide Holdings Inc. purchased this venue in June of this year for $230 million. It was well-known that this venue was struggling and many had questions about how Twin River planned to turn things around. This week, the company’s plans became more clear.
Here’s what’s currently being planned.
Twin River Plans $61 Million Upgrade to the Isle of Capri Casino
Back in 1996, the Hilton Flamingo casino first opened its doors near the Missouri River in Kansas City. This venue struggled to generate players and in 2000, was sold to Isle of Capri Casinos. The casino started to see its revenue increase and in 2017, Eldorado Resorts announced it was purchasing this venue.
In order for Eldorado Resorts to merge with Caesars, the Missouri Gaming Commission required this company to sell the Isle of Capri. Twin River Worldwide Holdings Inc. revealed that it bought the venue in June for $230 million. Officials within Twin River have just revealed an exciting new upgrade to this property.
According to the development committee of the board that oversees the Port Authority of Kansas City (Port KC), Twin River wants to add several new additions to this venue. Jon Stephens, president and CEO of Port KC, spoke about these plans to the media this week.
“This is downtown’s casino, so to speak,” Stephens said. “And so if they’re willing to invest, we do think it helps to secure the long-term growth and availability of the greater riverfront.”
It’s clear from financial reports that the Isle of Capri Casino is one of the least financially-successful casinos in this area. Twin River plans to add a new restaurant, retail, spa, and amphitheater. The company is also considering adding a hotel to this venue.
Officials in Kansas City are excited to hear about these plans. The city profits when casinos are successful. How long will it take for revenue to begin increasing here, though?
US Casino Industry Continues to Struggle
It’s exciting news to hear that Twin River plans to upgrade the Isle of Capri Casino. Of course, it may be a long time before this company sees the profits from this move. The US land-based casino industry is still struggling right now and no one can accurately say when things will get back to normal.
Many casinos around the country have already reopened. Over in Las Vegas, nearly all of the casino-resorts on the Las Vegas Strip are now up and running. Unfortunately, tourism here continues to drop as rates of Covid-19 increase.
Atlantic City began allowing its casinos to reopen over the Fourth of July weekend. City officials hoped that, despite the intense safety measures set in place, visitors would still flock to this gaming destination. That does not appear to be the case.
More gambling revenue reports continue to come out. All states have seen their earnings plummet over the past few months. Most analysts predict this trend will continue throughout 2020.
Casino companies are doing everything they can to boost tourism. This is much easier said than done. We’ll need to wait and see how efforts to contain the new coronavirus in the country progress over the next few months.
Are you excited to see the Isle of Capri get this upgrade? Let us know in the comments section below!