Rhode Island’s Twin River casinos have posted a strong Q3 performance. According to the figures released by Twin River Worldwide Holdings, the revenue at two casinos jumped 17 percent for the third quarter of 2019.
While the casino operator’s net income for the third quarter in 2018 was $9.4 million, this year the income has slipped to $7.4 million for the same period.
“While we experienced the anticipated short-term impacts of new competition at our Twin River Casino Hotel in the quarter, we continued to reap the benefits of our disciplined M&A strategy, with Dover Downs and Tiverton both performing extremely well this quarter,” said George Papanier, president and chief executive officer.
The company’s financial report blames “new competition in the New England market, and the associated increases in marketing and promotional activity” for “[impacting] revenue in the third quarter at Twin River Casino Hotel [in Lincoln].”
Twin River Worldwide Holdings, Inc. owns and manages four casinos, two in Rhode Island, one in Mississippi, and one in Delaware, as well as a Colorado horse race track that has 13 authorized OTB licenses.
Recently, Rhode Island Governor Gina Raimondo rubbished the claims by Twin River executives that they were threatened with regulatory purging if the casino gambling operator stood with a proposal against the 20-year lottery contract extension for International Game Technology.
Commenting on the allegations, Gov. Raimondo said that there is “no merit” in such claims.