Twin River reports 29% revenue increase in Q2
Twin River has announced its second-quarter revenue results and highlighted the Dover Downs acquisition as one of the generators.
US.- Twin River Worldwide Holdings has released its latest financial report, detailing operations from the second quarter of 2019. The company reported revenue of US$143.2 million for Q2, up 29% when compared to the same period last year.
Gross gaming revenue (GGR) increased by 26% to US$228 million. Net income, on the other hand, fell 15% to US$17.2 million. Adjusted EBITDA increased 7% to US$47.5 million, and Twin River said that the Dover Downs acquisition contributed to the group. The casino produced US$25.8 million of overall group revenue, Twin River said.
“We are happy with the company’s results in the quarter, the financial performance at Dover exceeded our already high expectations. Rhode Island operations performed well despite some softness in the New England gaming markets in Q2,” explained CEO Geoge Papanier.
“Our emphasis of focusing on in-market and out-of-market accretive growth is also proving itself in the early going. We continue to grow prudently into a multi-state operator based in Rhode Island versus a single regional operator.”
Moreover, Rhode Island’s segment suffered a setback thanks to new competition in Boston in late June, said Twin River. “The new competition had a greater than expected negative impact on our table games at Lincoln in July 2019, while our slots performance for the same period was in line with expectations given the seasonal weakness that we noted earlier that impacted the second quarter.”
Twin River to acquire Eldorado Resorts casinos
Twin River Worldwide Holdings recently announced that it has entered into a definitive agreement to acquire the operations and real estate of Isle of Capri Casino Kansas City in Kansas City, Missouri and Lady Luck Casino Vicksburg in Vicksburg, Mississippi from Eldorado Resorts.
The cash transaction is worth US$230 million and is subject to certain customary post-closing adjustments, the companies said. The transaction is subject to receipt of required regulatory approvals and other customary closing conditions including compliance with the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and is likely to close in early 2020.
