Twin River issues 2020 guidance

Twin River has issued its fourth-quarter financial results but also set its guidance for 2020, which aims to be a successful year.

US.- Twin River Holdings has issued a financial outlook for this year, along with its preliminary results from the fourth quarter of 2019. Revenues are expected to be higher than US$129 million, while this year the company aims an 8% rise in adjusted EBITDA.

The company estimates that adjusted EBITDA for 2020 will be around US$180 million, an approximate increase of 8% over the mid-point of the preliminary range for the same period in 2019.

The company’s guidance is based on current plans and expectations, contains a number of assumptions and includes the impact of its pending acquisition of properties in Kansas City, Missouri and Vicksburg, Mississippi from Eldorado Resorts, Inc., which the company expects will be consummated early in the second quarter of 2020 pending regulatory approval in Missouri.

Fourth-quarter preliminary results

Revenue projections for the fourth quarter are likely to be around the US$129 million mark, with fiscal year reaching US$522 million to US$524 million. Group adjusted EBITDA could rise from US$37 million in 2018 to US$38.6 million-US$41.6 million.

George Papanier, President and CEO commented: “I am very pleased with the results of the fourth quarter, which reflect the continued stabilization in the New England market following the entrance of new competitors, and strong performance across our broader portfolio. We expect this momentum to continue into 2020, which is reflected in our full-year 2020 guidance.”

Papanier continued: “We’re excited about the progress we’ve made as we continue to transform the Company. Over the last year or so, the steps we’ve taken to strategically and opportunistically grow and diversify the Company, have created significant shareholder value, returned meaningful capital and leave us well-positioned for long-term growth.”