Twin River Worldwide Releases Q2 Results, Shows US Growth

by | Aug 12, 2019 2:48 pm | Revenue | 0 comments

Twin River Worldwide Releases Q2 Results, Shows US Growth
  • Twin River Worldwide Holdings has over $383 million in cash and cash equivalents at the time of reporting.
  • To end July, the company executed their capital return program, funded from cash on hand.
  • Purchasing more casinos about the country, Twin River is operations in five states.

PROVIDENCE, R.I. – Twin River Worldwide Holdings released their second-quarter results on Monday, detailing their revenue growth for the time period ending June 30, 2019.

Net income did fall in the time span, but the company’s adjusted EBITDA and gaming revenue increased. With Twin River owning and operating ten casino properties in the country – four of which have legalized and are currently operating sportsbooks – revenue was slightly assisted by legal sports betting. 

Delaware’s second-most profitable sportsbook, Dover Downs, was the largest contributor on the report, which offered over $25 million in total gaming revenue for Twin River during the three months.

However, for sports betting alone, Dover Downs brought in just shy of $325,00 in revenue for the three months. Summertime for sports bettors is the “off-season”, as Dover Downs made more than double this number in September 2018 alone.

In Rhode Island, Twin Rivers operates the Tiverton Casino as well as the Twin River Casino. Combined, these two properties collected over $5 million during the three-month span.

Despite launching in November of last year, these two properties have finally begun their process to churn a sizeable profit. For the four months prior to this quarterly report, the two sportsbooks in Rhode Island collected only $1.78 million.

The Mississippi Gaming Commission does not release individual data on their sportsbooks, but the Hard Rock Hotel & Casino in Biloxi is the final sportsbook in operation owned by Twin River.

Twin River Going Public And Expanding

Twin River went public in March of 2019 and has been expanding their reach all throughout the year. By going public, they became the owner of Dover Downs in a reverse merger deal, opening at $29 per share.

The company now trades just above $20 and has seen their share price fall steadily since their IPO.

But with their ability to make deals and with the confidence of the President and CEO, George Papanier, Twin River is expected to turn around their few rough months of being a public company.

“Our emphasis of focusing on in-market and out-of-market accretive growth is also proving itself in the early going as we continue to grow prudently into a multi-state operator based in Rhode Island versus a single regional operator,” said Papanier.

The holdings company also owns Arapahoe Park in Colorado and purchased three more Colorado casinos (Golden Gulch Casino, Golden Gate Casino, and Mardi Gras Casino) from Affinity Gaming in January. Colorado has yet to legalize sports betting; however, the state’s most recent legislative session finished with a ballot initiative that will allow residents to vote on a sports betting tax.

More recently, Twin River also entered into the Missouri market and expanded within the Mississippi market. Purchased from Eldorado Resorts for $230 million, Twin River purchased the Isle of Capri Casino Kansas City as well as Lady Luck Casino Vicksburg.

It is clear that Twin River will see their stock price increase to follow suit with the long-term vision from the executive board. With the company owning casinos in five states, expansion and further growth are inevitable.

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