Twin River reports $6.7M profit in Q3

TWIN RIVER WORLDWIDE HOLDINGS reported a profit of $6.7 million in the third quarter of 2020. / PBN FILE PHOTO/DAVE HANSEN

PROVIDENCE – Twin River Worldwide Holdings Inc. earned a profit of $6.7 million in the third quarter, a 3.9% decline year over year, the company said Thursday.

Earnings per diluted share were 22 cents, compared with 18 cents one year prior.

Revenue totaled $116.6 million, a 9.8% decline year over year.

The company said that it continued to be impacted by the COVID-19 pandemic, but was able to mitigate the effects through operational efficiencies.

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Twin River is slated to change its name to Bally’s Corp. on Nov. 9 and currently is in the process of acquiring multiple casinos, which will bring the company’s portfolio to 14 locations in 10 states.

The company’s Rhode Island revenue totaled $39.4 million in the quarter, with a net income of $7.1 million. One year prior revenue from the company’s two Rhode Island properties totaled $67.8 million with a profit of $11.9 million.

“We are pleased that in the midst of this unprecedented operating environment, we continue to achieve positive financial results,” Twin River CEO and President George Papanier said.

“In addition to our strong financial performance this quarter, we continued to execute on our disciplined and diversified portfolio strategy. Including those properties under contract we are now positioned to operate in 10 states. Additionally, we acquired the iconic Bally’s brand, under which we will unite the high-quality customer offerings that span our increasingly national footprint, leveraging a brand synonymous with first-class gaming and entertainment.”

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