Twin River Expects a Massive Revenue Increase in Q2, Net Income Might Drop According to Preliminary Figures

Gambling operator, Twin River Worldwide Holdings, expects some very significant financial results for the quarter period that ends with June 30th. The company is in the midst of compiling a revenue report and finalizing s for Q2 and will soon publish the fully consolidated financial statement.

Twin River has four casinos and one racetrack and will issue the report once the Dutch auction tender is done. However, the preliminary results are already here!

First Projections Are In

According to these…

…the total net revenue for the period will be around $146.5 million – $148.5 million area, which is between 32.2% and 34% more than last year’s $110.8m.

However, net income will most likely drop to around $15.8m to $18.4m, from previous year’s $20.3m. Adjusted EBITDA should jump from $44.3m to between $46m and $49m.

There are even specific predictions for a set of Rhode Island properties….

…which comprise Twin River Casino Hotel and Tiverton Casino Hotel. These will, it is estimated, reach a revenue of $82.5-$83.5m and an EBITDA of $37.1m to $39.1m.

Pleased With Results

As for other Twin River properties…

Hard Rock Hotel and Casino in Biloxi, managed by the company, will attain a revenue of $31.9 to $32.3m and EBITDA of $8.8m to $9.8m. Dover Downs Hotel and Casino numbers will be somewhere in the region of $30 million and $30.5 million. For this venue, forecast EBITDA will be somewhere between $4.7m and $5.7m.

CEO and President, George Papanier, comments on this result:

“We are quite pleased 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 to be implemented. “At Hard Rock Biloxi, we were pleased to see another quarter of solid performance as our operations there are stable and performing well.

Papanier added: “At the corporate level, we continue investing in order to prepare for more growth as evidenced by our recently announced acquisitions. Somewhat higher corporate costs in the second quarter reflect that investment.”

More Light on New England Markets

He also went on to divulge a bit on operations in Rhode Island…

…where the company’s mitigation strategy towards new regional competition is proving itself in the early going. He said that the building of Tiverton Casinos was done with the competition in mind.

This particular property is going ahead as planned and has shown resilience since new competition opened. More impact of this is seen at Twin River Casino Hotel where table games are feeling the heat a bit, while slots feel no impact at all.

Papanier concluded by saying that New England gaming markets, in general, performed “solidly” in Q1, although some softening was notable during early stages of second quarter.

Source:

“Twin River predicts revenue boost in preliminary results”, casinobeats.com, July 23, 2019.