Ladies and gentlemen, thank you for standing by. Welcome to the Twin River Worldwide Annual Meeting Conference Call. At this time, all participants are in a listen-only mode. If you require any further assistance, please press star zero. I would now like to hand the conference over to your speaker today, Mr. Soo Kim. Thank you. Please go ahead, sir.
Thank you. Good morning, and thank you all for participating. Twin River's 2020 Annual Shareholders' Meeting is now called to order. Due to the public health impact of the COVID-19 pandemic and to support the health and wellbeing of our shareholders, employees, and their families, we're holding this meeting virtually. I am Soo Kim, Chairman, and I will preside at the meeting. Craig Eaton, our General Counsel, will act as Secretary. All of our directors are participating. Terry Downey, Jeff Rollins, Wanda Wilson, George Papanier, our CEO, and of course, me. Steve Capp, our CFO, and Marc Crisafulli, our EVP and President of Twin River Rhode Island, are also participating. We have established rules of conduct for this meeting. The rules of conduct and technical support information can be found in the lower right-hand corner of your screen.
During the meeting, shareholders will have the opportunity to submit questions in writing by typing the questions into the ask the questions field in the lower left-hand corner of your screen and clicking submit. We may group common questions together. We will try to respond to appropriate questions in the time permitted during the Q&A session. If there are any questions pertinent to the meeting that cannot be answered during the meeting due to time constraints, we will publish and answer them on the investors section on our website after the meeting. There are two items of business on this morning's agenda, the re-election of two directors to the board and the ratification of the appointment of Deloitte & Touche as our independent accountants for 2020. Notice was duly given, and these matters were explained in our proxy statement.
The record date for voting is close of business on March 23rd, 2020. Copy of the shareholders' list have been available as required by our bylaws. In accordance to the company's bylaws, we have appointed [Boo Larson] of Broadridge to act as Inspector of Elections. I ask that Mr. Eaton report on the quorum.
I am informed by the Inspector of Elections that there are represented in person or by proxy, more than one-third of all the common shares entitled to vote at the meeting, a quorum is present. Accordingly, this meeting is duly convened.
Thank you. The polls are now open at 2:05 P.M. Eastern for each matter to be voted on at this meeting. Voting today is by proxy and electronic ballot. Most shareholders submitted their proxies, and their shares are being voted accordingly. Any shareholder who has not voted or who wishes to change his or her vote may do so by following the instructions and clicking on the vote button in the webcast portal. Your votes will be counted automatically. At this time, the polls are open for voting. The first matter for shareholders to act upon is the election of directors. Under the bylaws, George Papanier and Jeff Rollins have each been duly nominated to be elected for a term ending at the 2023 annual shareholder meeting. Because there are no other nominees and proxies have been received voting in favor of Mr. Papanier and Rollins, their election is assured.
The second matter is the ratification of the appointment of Deloitte & Touche LLP as the company's independent auditor for 2020. The affirmative vote of the holders of a majority of shares represented at this meeting in person or by proxy is required for ratification. Craig, how much time do you suggest that we leave the polls open for?
I would close them now. There are no further votes.
Thank you, Craig. At this time, I now declare the polls closed at exactly 2:07 P.M. Eastern today, May 19, 2020, and ask that the Inspector of Elections complete the tabulation of votes. If those votes have been tabulated, will the Secretary please report the results?
We have been informed by the Inspector of Elections that the ballots have been counted and proxies confirmed. The nominees for election to the board of directors have been duly elected, and the appointment of Deloitte & Touche LLP has been ratified. Thank you, and thanks to our shareholders for your support on these ballot items. This concludes the official business to come before this meeting, and we will formally adjourn the meeting at 2:08 P.M. Eastern Time today, May 19th, 2020. Mr. Kim?
Thank you, Craig. Onto the Q&A section here. Given the unique circumstances companies and all of us face, we will not review last year's accomplishments or results of operations. I will note, however, that we have taken actions during this extraordinary time, not only to fortify what we think is already one of the strongest balance sheets in the gaming industry, but to position the company for further growth with the addition of three casinos to our portfolio on very attractive terms. Of course, the health of our people, customers, and communities remain our number 1 concern, and we will continue to focus on it as our properties begin to reopen. I know that all of you wonder what specifically the reopening dates will be.
All we can say now is that we expect our properties to reopen at different times and on different phases, depending on local and state regulations. We will now open the meeting to questions. As a reminder, shareholders may submit questions by typing the questions into the Ask a Question field in the lower left-hand corner of your screen, and then clicking submit. Company representatives are monitoring questions. We will pause for a few moments to review submitted questions.
This is Craig Eaton. The first question from a husband and wife regarding Dover Downs. They've been long-term players. They're very complimentary of the property, and they're wondering what other changes can be expected in the near future. Mr. Papanier?
Thank you, Craig. Hi, glad to have you as loyal players. The timing of the COVID-19 was unfortunate as we were in the early stages of changes, very exciting changes. We had already configured the gaming floor with the table games, we centered that to take advantage of the Fire & Ice Bar. We introduced the Michele's Steakhouse Lounge, which was well-received. We were in the middle of a new change, which was construction of our new Sugar Factory restaurant that's going to be in the location of the old Garden Cafe. We'll be adding an Asian-themed food market, we'll be going through a phase refurbishment of all rooms starting in 2021. Hopefully, that answers your question.
Okay, the next question is regarding the recently announced acquisitions of Bally's and Tahoe and Shreveport, and the question is asking about the difference in the purchase price between Bally's and the Tahoe and Shreveport properties. George, would you like to take this one?
Sure, Craig. First of all, obviously, they were two separate deals. Lake Tahoe and Shreveport were with Eldorado, and Bally's was with Caesars. We're certainly excited about both of them being part of our portfolio. Both transactions were a bit levered by HSR. We had an opportunity to acquire them at nice multiples. As far as the differentiation in price, it was really the prices that we were willing to pay. As far as Bally's is concerned, and all the assets as a matter of fact, there's really no deferred CapEx to speak of. Other than room renovations that we're going to be commencing almost immediately after the acquisition with Bally's, there's really nothing else that we're going to be planning at this time.
Okay. With that, we have no further questions that have been submitted. I turn it back over to Soo.
Great. Thank you, Mr. Eaton, and thank you, Mr. Papanier. Seeing as that there was no additional questions in the queue, that will conclude our 2020 Annual Meeting of Stockholders. Thank you for attending today's meeting and thank you for your continued interest in Twin River.
Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.