Twin River Q3 income from operations up 9%; revenue falls 10%

Despite this, overall revenue was still down 10% for the quarter, to $116.6m, while adjusted EBITDA increased to $38m, a rise of 7% from 2019 levels.

Overall income was down 4%, to $6.7m, corresponding to a net income margin of 5.76%, up from 5.41% in 2019.

During the quarter ending September 2020, the US-based casino operator closed a $125m offering of unsecured senior notes to enhance liquidity.

“We are pleased that in the midst of this unprecedented operating environment, we continue to achieve positive financial results,” commented Papanier.

“Our significant margin expansion and early returns from our acquired properties in Kansas City and Vicksburg drove an increase in adjusted EBITDA year-over-year, even amid continued limited capacity.

“These results are a testament not only to our dedicated management team and valued employees, but also to our proven business model.”

Earlier this week, Twin River agreed to acquire Caesars Entertainment’s Tropicana Evansville casino for a fee of $480m.

The casino operator also recently announced it will rebrand as Bally’s Corporation in November.

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Owain Flanders

Journalist

Owain Flanders is a journalist who spent over a year with Gambling Insider, first joining as an Editorial Intern in August 2019 before progressing to Staff Writer from November 2019 to December 2020. During his tenure, he covered a wide range of developments across the global gambling and iGaming sectors, producing original news stories, in-depth features and analytical pieces for the Gambling Insider website and its bi-monthly magazine.

Owain interviewed CEOs, analysts and senior marketing executives on emerging trends, regulatory issues and commercial strategy, bringing authoritative insight to a professional B2B audience.

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