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

By Owain Flanders

George Papanier, CEO of Twin River Worldwide Holdings, has praised the company’s “strong financial performance” in Q3 with the casino operator’s income from operations up 9% year-on-year, to $23.4m.

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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