Twin River reports $17.6M profit in Q1

LINCOLN – Twin River Worldwide Holdings Inc. reported a profit of $17.6 million in the first quarter of 2019, a 39.3% increase year over year. Earnings per diluted share for the quarter were 46 cents, compared with 29 cents one year prior.

Twin River began trading on the New York Stock Exchange in the first quarter following the completion of an acquisition of Dover Downs Gaming & Entertainment Inc., which comprises Dover Downs Hotel & Casino and Dover Downs Raceway in Delaware. The company is now a wholly owned subsidiary of Twin River.

Twin River reported in April that if the two companies had been combined in 2018, it would have logged a $77 million profit for the year.

Company revenue increased 15.1% year over year to $120.6 million in the first quarter. The increase in revenue included a 14.2% increase in gaming revenue to $90.9 million.

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Operating expenses for the quarter totaled $90.3 million, a 13% increase year over year.

Company assets totaled $951.1 million at the end of the quarter, an increase from $782.4 million one year prior. Liabilities totaled $548.3 million at that time, an increase of $64.6 million year over year.

The increase in liabilities included an increase in current liabilities to $176.4 million from $75.6 million year over year, offset by a decline in long-term debt to 334.9 million from $390.6 million.

The company said that on May 10 it had completed debt financing comprised of a $250 million revolving credit facility and a $300 million term loan with maturity dates of 2024 and 2026, as well as $400 million in senior unsecured notes due 2027.

“The first quarter was an exciting time in the evolution of our company. We closed on our previously announced acquisition of Dover Downs and commenced trading on the NYSE, which were important milestones in our ongoing transformation,” stated George Papanier, Twin River President and CEO. “The integration of the two companies is well underway, we continue to be excited about the prospects for our business from this transaction and we believe that the proceeds and borrowing capacity from our new financing and listing of our shares on the NYSE should aid in our efforts to continue to grow our business and look for other opportunities to create long-term shareholder value.”