Twin River appoints new Board Chair
Twin River has announced the appointment of Soo Kim as new Chair of the company’s Board of Directors.
US.- Twin River announced this week that John E. Taylor, Jr. is stepping down as Executive Chair and a member of the Board of Directors. As his replacement, the board appointed Soohyung Kim as Board Chair.
Kim is a founding partner, Managing Partner and CIO of a shareholder in Twin River, Standard General L.P. He has been an independent director of the company since 2016 as well, where he leads the Compensation and Nominating and Governance committees.
“The Company has become a major force in the gaming space and is on a powerful financial trajectory. I am proud of what we’ve accomplished and have nothing but good wishes for the Company’s continued success in the future. I took this step reluctantly, but feel the time is right for me to take on other opportunities where I can help create similar value,” Taylor said.
“The Board and entire Company thank John for his dedicated and effective service as Board Chair, from his guidance and leadership out of bankruptcy through a significant period of growth into a market leader and finally to the public listing of the Company’s stock on the New York Stock Exchange earlier this year. His expertise, insight and steady guidance have been invaluable to the business,” said Kim.
Twin River experienced revenue rise in Q3
In the third quarter of the year, Twin River registered a 17% rise in revenues to US$129.3 million. The acquisition of Dover Downs Hotel & Casino drove the third quarter financial results.
The company said that overall gaming revenue rose 7.6% or US$6.2 million to US$88.3 million. Income from operations in the three-month period ended September 30 declined US$8.2 million, which is a 27.7% year-over-year fall to US$21.5million. This was primarily due to the reduction in revenue Twin River Casino Hotel Lincoln. Dover Downs Hotel & Casino contributed US$25.9 million of revenue to the company’s third queer results.
Net income for the third quarter of 2019 decreased by 57.3% to US$7 million. Adjusted EBITDA for the third quarter was US$35.6 million, a decrease of US$5.9 million from the US$41.5 million in 3Q18.
