Twin River's Q2 results "significantly impacted" by the mandated shutdown in mid-March

Twin River Worldwide Holdings today reported financial results for the second quarter ended June 30, 2020, which according to the company, were significantly impacted by the mandated shutdown of operations in mid-March as a result of COVID-19. All of the company's properties resumed operations by mid-June.

"We were thrilled to have welcomed back our valued team members and loyal customers at all of our properties to safe and secure environments that meet or exceed CDC safety guidelines. Since reopening, where we have been permitted to operate under fewer capacity restrictions with more amenities, we are seeing strong demand," said George Papanier, President and Chief Executive Officer. "On a comparable basis, Hard Rock Biloxi and Dover Downs achieved strong Adjusted EBITDA performance and significant margin improvement while complying with state-regulated reductions in gaming capacity. These positive margin trends are continuing into July, giving us confidence that we can sustain a level of the increased operational efficiencies."

Revenue for the second quarter of 2020 decreased 79.8% to $28.9 million from $143.2 million in the second quarter of 2019. Net loss for the second quarter of 2020 was $23.6 million, a decrease of $40.7 million, or 237.1%, from net income of $17.2 million in the second quarter last year.

Adjusted EBITDA for the second quarter of 2020 was negative $10.7 million, a decrease of $58.2 million, or 122.6%, from positive Adjusted EBITDA of $47.5 million in the second quarter 2019.

Papanier continued, "I am also excited to welcome our newest properties in Kansas City, Missouri and Vicksburg, Mississippi which we have rebranded Casino KC and Casino Vicksburg, respectively. Both of these properties experienced robust demand and have generated strong positive cash flow following their reopening and our subsequent acquisition. The Casino KC and Casino Vicksburg properties are a great fit for our portfolio and significantly expand our geographic footprint with assets in attractive markets. We see a lot to build on and look forward to working with the local teams to realize the strategic benefits of this transaction."

During the period from March 14th through March 16th, all nine of the Company's casino properties nationwide (including Casino KC and Casino Vicksburg, which the Company acquired on July 1, 2020) were closed under state and local orders aimed at mitigating the spread of COVID-19. Operations at these properties resumed on the following dates:

• May 21: Hard Rock Hotel & Casino Biloxi and Casino Vicksburg
• June 1: Dover Downs Casino Hotel and Casino KC
• June 8: Twin River Casino Hotel and Tiverton Casino Hotel (both initially by invitation only)
• June 17: Black Hawk Casinos (Mardi Gras, Golden Gates and Golden Gulch)

See the company's full Second Quarter 2020 Results here.