Twin River Worldwide Holdings, which owns and operates eight gambling establishments across multiple US states, has today publishes its highly anticipated first quarter financial results for 2020 covering the months of January through to the end of March 2020.
The firm has been impacted by the ongoing Covid-19 pandemic and the first quarter results reflect this with the company looking to mitigate the effects as quickly as possible.
According to the report, which highlights the impact of the pandemic, the firm has put emphasis on business priorities such as health and safety whilst successfully improving liquidity to reduce costs for long term growth and expansion.
All Twin River properties remain closed, including: Golden Gates Casino — Black Hawk, Colorado, Hard Rock Hotel & Casino Biloxi — Biloxi, Mississippi, Dover Downs Hotel & Casino — Dover, Delaware and Twin River Casino Hotel — Lincoln, Rhode Island.
President and Chief Executive Officer of Twin River Worldwide Holdings George Papanier commented on the results:
“During these times, our highest priority is the health and safety of our team members, customers and communities. We continue to support the actions taken by state and local officials to help slow the spread of COVID-19, including the temporary closure of our properties, and continue to look to provide assistance wherever possible.”
Papanier added details of revenue changes between the start of the year and the end of the first quarter including growth and expansion plans despite the health crisis:
“Our Company started the year strong, reporting year-over-year revenue growth of over 23% in the first two months of the quarter. While our full quarter results were meaningfully impacted by the closure of our properties in March, we have taken broad-based actions to reduce expenses and enhance liquidity.
Our leadership team has also remained hard at work executing on key strategic growth initiatives, including our recently announced deal to acquire three casinos from Eldorado and Caesars to further expand our geographic diversity and enhance our financial profile. Despite near-term uncertainties, we are confident that our strong balance sheet, liquidity and long-term strategic planning will enable us to emerge from this crisis in an even better position.”
Twin River has stated that it expects the Coronavirus pandemic to carry on impacting on the firm’s financial results for the foreseeable future until its gambling and hospitality properties are allowed to re-open by state and health officials.
Read the full report on the following link: