USA – A gaming firm based in Lincoln, Rhode Island; Twin River Worldwide Holdings, has today issued a detailed plan in response to the Covid-19 crisis, which includes property closures and staff hardship relief among others.
Twin River Worldwide Holdings currently owns and operates eight casino and racetrack properties in Colorado, Delaware, Mississippi, and Rhode Island with the latest acquisition being three casinos in Black Hawk, Colorado – the Golden Gates, Golden Gulch, and Mardi Gras – from Affinity Gaming for just over 50 million dollars.
The plan, issued by the gaming company, is designed to instil confidence and security at a difficult time along with provide assurances to employees and shareholders.
Covid-19 Plan Highlights
– Holds in excess of $360 million on its balance sheet.
– No debt maturities prior to 2024
– Proactively and carefully managing expenses
– Implementing a phased approach to operations until it has better future visibility
– Phase 1 contemplates the period of temporary closure of facilities lasting up to three months, retaining some level of preparedness to quickly reopen partially or completely within that period if the Company is allowed.
– Phase 2 contemplates sustained closures beyond three months and is designed to protect the Company for a longer term impact while maintaining the ability to open in an efficient manner.
– Continuing health coverage for facility-level employees during the shutdown period
– All salaried and hourly employees that have been furloughed will be guaranteed their jobs as the facilities reopen.
– Financial assistance to employees who experience severe hardship during the shutdown period
– Actively engaged in a comprehensive sanitization of all properties with an emphasis on the public spaces and ‘touch points’ such as handrails, VLTs, countertops and elevator buttons
Twin River Worldwide Holdings is currently monitoring the situation day to day and intends ‘to take actions available to the Company in the interests of its employees, communities and investors’.