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NEWS 12 August 2019

Twin River praises Dover Downs acquisition as revenue rises 29% for Q2

By Matthew Enderby

Twin River Worldwide Holdings generated revenue of $143.2m for Q2, a 29% increase year-on-year.

Gross gaming revenue grew 26% to $228m, while net income decreased 15% to $17.2m.

Adjusted EBITDA was up 7% to $47.5m as the operator singled out Dover Downs' contribution to the group, producing $25.8m of overall group revenue.

The operator said new competition it faced duringthe quarter had a greater than expected negative impact on table games at its venue in Lincoln, Rhode Island.

Overall, table game revenue decreased 34% to $7.6m, while slots decreased by approximately 17% to $32.2m.

Revenue from gaming totalled $100.2m, up 22%.

Racing revenue dropped 2% to $3.8m, hotel revenue rose 107% to $11.4m and food and beverage revenue increased 52% to $18.8m.

George Papanier, Twin River Worldwide Holdings President and CEO, said: "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."

RELATED TAGS: Land-Based | Industry | Financial | Casino
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