Twin River reports financial results
The company with Rhode Island facilities reported net revenues of US$437 million in 2018.
US.- Twin River Worldwide Holdings has reported financial results for the fourth quarter and full year ended December 31, 2018. Net revenue for full 2018 increased 3.9% to $437.5 million, up from 2017’s US$421.1 million.
The company said that the increase in net revenue was primarily attributable to increases in gaming and racing revenue. Non-gaming revenue attributable to the opening of Tiverton on September 1, 2018 also contributed.
Total operating costs and expenses for the full year 2018 increased US$19.6 million to US$316.9 million from US$297.3 million for 2017. This increase resulted in income from operations of US$120.6 million, which represented a decrease of 2.5% compared to 2017.
Furthermore, net income for 2018 was US$71.4 million, an increase of 14.8% from the US$62.2 million registered in 2017. Adjusted EBITDA for the full year of US$165.7 million was essentially the same as 2017.
George Papanier, President and Chief Executive Officer, said: “We are pleased with the progress we made on our strategic initiatives in 2018. This past year was transformational for us, with the successful launch of our newest property, Tiverton, the successful opening and ramp of our new hotel at Twin River, the introduction of sports betting across our casino properties and the Dover Downs merger and related launch of TRWH as an NYSE-listed company. I am proud of our team’s focus and dedication to these initiatives without losing sight of our customers.”
