Twin River loses $21.4M in Q2, as it moved to reopen casinos

TWIN RIVER WORLDWIDE HOLDINGS reported a loss of $21.4 million in the second quarter of 2020, reflecting the impact of COVID-19 on the business. / COURTESY TWIN RIVER WORLDWIDE HOLDINGS INC.

PROVIDENCE – Twin River Worldwide Holdings Inc. lost $21.4 million in the second quarter of 2020, a loss of 77 cents per diluted share, the company reported on Tuesday.

One year prior the company earned a profit of $17.2 million, or 42 cents per diluted share.

The company’s Rhode Island casinos incurred a net loss of $10 million in the quarter, with revenue of $4 million. One year prior, Twin River’s Rhode Island segment reported revenue of $82.9 million and a net income of $21.5 million.

The company said it was significantly impacted by the COVID-19 pandemic. The second quarter included the reopening of all nine of its casinos in the country between May 21 and June 17.

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Company revenue declined 3.2% year over year to $6.6 million.

“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,” George Papanier, Twin River president and CEO, said in a statement. “Since reopening, where we have been permitted to operate under fewer capacity restrictions with more amenities, we are seeing strong demand.”

The company said that June largely reflected an invitation-only period for its two Rhode Island casinos, only opening to the general public on June 30. Since then, the company has has begun to see revenue in the state increase. It projected that July figures would be a 240% increase from June, which would be a roughly 40% revenue decline from one year prior.

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