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TRWH

Twin River Worldwide

$28.74

-0.145 (-0.50%)

, ERI

Eldorado Resorts

$47.31

-0.89 (-1.85%)

07:32
07/11/19
07/11
07:32
07/11/19
07:32

Twin River Worldwide to acquire two casinos from Eldorado Resorts for $230M

Twin River Worldwide Holdings (TRWH) announced that it has entered into a definitive agreement to acquire the operations and real estate of Isle of Capri Casino Kansas City in Kansas City, Missouri and Lady Luck Casino Vicksburg in Vicksburg, Mississippi from Eldorado Resorts (ERI), in a cash transaction for $230M, subject to certain customary post-closing adjustments. The purchase price represents an implied trailing twelve month proforma earnings before interest, taxes, depreciation and amortization multiple of approximately 8.4x for the properties on a combined basis. The multiple excludes the impact of any potential cost synergies or possible revenue enhancement opportunities from operational improvements and anticipated capital investment. The acquisition is expected to be immediately accretive to earnings. The company expects to finance the purchase price with available cash. The transaction is subject to receipt of required regulatory approvals and other customary closing conditions including compliance with the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and is expected to close in early 2020.

TRWH

Twin River Worldwide

$28.74

-0.145 (-0.50%)

ERI

Eldorado Resorts

$47.31

-0.89 (-1.85%)

TRWH Twin River Worldwide
$28.74

-0.145 (-0.50%)

04/24/19
STFL
04/24/19
INITIATION
Target $43
STFL
Buy
Twin River Worldwide initiated with a Buy at Stifel
Stifel analyst Brad Boyer started Twin River Worldwide with a Buy rating and $43 price target. The company's "abundant" fee cash flow and "relatively under-levered" balance sheet position it to execute accretive acquisitions that complement its existing portfolio, Boyer tells investors in a research note partially titled "If You Whiffed on ERI, Here is Your Mulligan."
04/24/19
04/24/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Frontdoor (FTDR) initiated with a Buy at Goldman Sachs. 2. Children's Place (PLCE) initiated with a Buy at DA Davidson. 3. Targa Resources (TRGP) resumed with an In Line at Evercore ISI. 4. Polaris Industries (PII) initiated with a Buy at Goldman Sachs, while BRP Inc. (DOOO) was initiated with a Neutral. 5. Twin River Worldwide (TRWH) initiated with a Buy at Stifel. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
06/20/19
UGAM
06/20/19
INITIATION
Target $38
UGAM
Buy
Twin River Worldwide initiated with a Buy at Union Gaming
Union Gaming Research started Twin River Worldwide Holdings with a Buy rating and $38 price target.
06/28/19
RHCO
06/28/19
INITIATION
Target $32
RHCO
Hold
Twin River Worldwide initiated with a Hold at SunTrust
SunTrust analyst Barry Jonas started Twin River Worldwide with a Hold rating and $32 price target. The analyst sees a near-term overhang on the shares with ~35% of "unnatural" owners potentially looking to exit. He would become more constructive if state reported quarterly earnings indicate Encore's impact is less than feared.
ERI Eldorado Resorts
$47.31

-0.89 (-1.85%)

06/25/19
WOLF
06/25/19
UPGRADE
WOLF
Outperform
Eldorado Resorts upgraded to Outperform from Peer Perform at Wolfe Research
Wolfe Research upgraded Eldorado Resorts (ERI) to Outperform from Peer Perform saying the acquisition of Caesars (CZR) is favorable in terms of deal synergies and resulting weakness has provided a buying opportunity.
06/25/19
MSCO
06/25/19
DOWNGRADE
Target $12.5
MSCO
Equal Weight
Caesars downgraded to Equal Weight from Overweight at Morgan Stanley
Morgan Stanley analyst Thomas Allen downgraded Caesars (CZR) to Equal Weight from Overweight with a $12.50 price target after the company agreed to be acquired by Eldorado Resorts (ERI). While he sees a potential bull case to $15 per share where the market values Caesars at Friday's multiples inclusive of the greater than $500M of synergies expected for the merger, Allen said he also sees a less likely bear case of $9 per share if the deal were to fall apart.
07/01/19
WELS
07/01/19
UPGRADE
Target $24.5
WELS
Outperform
VICI Properties upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo analyst Jeffrey Donnelly upgraded VICI Properties (VICI) to Outperform from Market Perform and raised his price tare for the shares to $24.50 from $23. The company's recent partnership announcement with Eldorado Resorts (ERI) will increase its rent base by $252.5M, Donnelly tells investors in a research note. The analyst believes the deal is positive for VICI given its 6% earnings accretion, improved lease terms, and replenished pipeline for future acquisitions. In addition, the continued institutionalization of the gaming real estate investment trust sector should allow for more cap rate compression within the asset class over time, says Donnelly.
07/01/19
DBAB
07/01/19
NO CHANGE
Target $74
DBAB
Buy
Eldorado Resorts price target raised to $74 from $56 at Deutsche Bank
Deutsche Bank analyst Carlo Santarelli raised his price target for Eldorado Resorts (ERI) to $74 from $56 following the company's acquisition of Caesars Entertainment (CZR). The combined entity, from a financial perspective, "harmonizes nicely" and generates "considerable" free cash flow, which, if valued properly relative to peers, implies "meaningful upside" in the shares, Santarelli tells investors in a research note. He keeps a Buy rating on both Eldorado and Caesars.

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MGM

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MGM Growth

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MGM Growth

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American Airlines

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American Airlines

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United Continental

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JetBlue

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FDX

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NUE

Nucor

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National Australia Bank

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Bank of America

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MSFT

Microsoft

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Basic Energy

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Microsoft

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AT&T

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Microsoft

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HBIO

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MSFT

Microsoft

$136.29

0.06 (0.04%)

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ISRG

Intuitive Surgical

$536.44

13.25 (2.53%)

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GLD

SPDR Gold Shares

$136.44

1.85 (1.37%)

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WAL

Western Alliance

$44.45

0.74 (1.69%)

17:29
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