Twin River experiences revenue rise
The casino company Twin River has reported that in the third quarter of the year, it has increased revenues.
US.- Twin River has released its financial report for the third quarter of the year, a period in which it 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.
“I am very pleased that our proven corporate strategy of accretive growth, continued diversification of our portfolio and a meaningful return of capital to shareholders, continues to generate value for our stakeholders,” commented George Papanier, president and chief executive officer.
“While we experienced the anticipated short-term impacts of new competition at our Twin River Casino Hotel in the quarter, we continued to reap the benefits of our disciplined M&A strategy, with Dover Downs and Tiverton both performing extremely well this quarter. Our overall plan is on track and the long-term value proposition we have laid out for our investors remains intact.”
Q2 results
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.
