It has been reported today that Rhode Island based casino and racetrack operator Twin River Worldwide Holdings has stated that they are experiencing strong demand at their gambling properties since the re-opening following the Covid-19 pandemic shutdown.
In a second quarterly report release, the firm outlined its operational activities and figures for the months of April through to the end of June 2020. The focus of the report was on adjusted EBITDA being positive in all segments, with the exception of Rhode Island and strong demand and significant margin improvement at properties authorized to operate with closer-to-normal capacity and amenities.
President and Chief Executive Officer of Twin River George Papanier spoke out about the report and its contents:
“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.
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.”
Papanier expanded on details of multi-property rebrands in multiple regions and the ability to expand its geographic footprint despite the uncertain and unprecedented times.
“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.”
Overall, business operations have been significantly impacted by the Coronavirus crisis with revenue down almost 80 percent compared with the same period in the previous year.
You can read more and view full details of the report here.