PROVIDENCE – Twin River Worldwide Holdings Inc. reported a profit of $55.1 million in 2019, or $1.46 per diluted share, a decline from $71.4 million in 2018, or $1.95 per diluted share, the company reported on Tuesday.
Revenue for the year was $523.6 million, a 19.7% increase year over year. This includes:
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- Gaming revenue increased 12.3% year over year to $367.9 million.
- Racing revenue declined slightly year over year to $13.1 million in 2019.
- Hotel revenue increased 82.7% year over year to $39 million.
- Food and beverage revenue increased 44.5% year over year to $69.9 million.
Operating expenses for the year were $409 million, an increase from $316.9 million in 2018. The company incurred $12 million in acquisition, integration and restricting expenses for the year, an increase from $6.8 million one year prior. Advertising, general and administrative expenses increased from $143.3 million in 2018 to $180.4 million in 2019.
The company acquired Dover Downs Hotel & Casino in Delaware in the first quarter of 2019.
The company earned $13.4 million in the fourth quarter of 2019, or 40 cents per diluted share, a decline from $22 million one year prior, or 63 cents per diluted share.
The company noted that Twin River Casino Hotel in Lincoln continued to be notably impacted by increased competition in the New England market in the fourth quarter.
Tiverton Casino Hotel, “demonstrated marked resilience in the face of the new regional competition,” according to the company.
Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.
