Twin River announces estimated results for 2Q19
The casino company Twin River has released estimated results for the second quarter, ended June 30.
US.- Twin River Worldwide Holdings revealed this week the preliminary estimates of operating results for the quarter ended June 30, 2019. The company expects to release the final results for the three-month period during the second week of August.
The casino company said that has not yet finalised its accounting for this period, and its June 30, 2019 consolidated financial statements are not expected to be available until after Twin River’s modified Dutch auction tender offer is completed. Twin River also revealed that it has extended the expiration time for its offer to Friday night.
During the second quarter of the year, Twin River accounted between US$146.5 million and US$148.5 million in net revenue, which is a significant rise from the US$110.8 million that it registered during the same period last year. Net income will likely be between US$15.8 million and US$18.4 million, though it is a year-on-year decrease when compared to the US$20.3 million posted in 2Q18.
Moreover, Twin River said that adjusted EBITDA will likely be up from U$44.3 million in 2018 to between US$46 million and US$49 million in 2Q19.
CEO and President George Papanier commented: “We are quite content with the company’s results in the quarter. Our Rhode Island operations performed well despite some quarterly softness in the New England gaming markets generally. Financial performance at Dover during our first full quarter of ownership exceeded our already high expectation due to our initial integration and optimisation efforts and yet we still anticipate substantial physical and operating changes.
New England markets
Papanier also talked about the New England markets: “We did see some softness beginning early in the second quarter prior to the opening of the new Boston competition, and extending through the end of the quarter. We attribute some of this softness to a challenging comparable period in 2018 as pent up demand in the second quarter of 2018 resulted from poor weather in the prior quarter.”
