Twin River reports $8.9M loss in Q1 spurred by COVID-19 shutdowns

TWIN RIVER Worldwide Holdings Inc. reported a loss of $8.9 million in the first quarter of 2020. / PBN FILE PHOTO/DAVE HANSEN
TWIN RIVER Worldwide Holdings Inc. reported a loss of $8.9 million in the first quarter of 2020. / PBN FILE PHOTO/DAVE HANSEN

PROVIDENCE – Twin River Worldwide Holdings Inc. reported a loss of $8.9 million in the first quarter of 2020, or 28 cents per diluted share, the company said Wednesday.

One year prior, the company posted a profit of $38.2 million or 46 cents per diluted share.

Revenue for the first quarter was $109.1 million, a decline from $120.6 million in the same period in 2019.

The company said that it had been significantly affected by the mandated shutdown of operations due to the COVID-19 pandemic that took effect in mid-March. It said the company is in the process of establishing a multi-phased approach to reopen its facilities. The plan will include screening of employees and guests entering the properties, thermal-imaging cameras, social-distancing enforcement, mask protection and public-awareness signs, among other protocols.

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The company said that in the first two months of the quarter, revenue had increased 24.3% year over year, with growth driven by all properties except Twin River Casino Hotel in Lincoln – which has been affected by increased competition in the region.

“Our company started the year strong, reporting year-over-year revenue growth of over 23% in the first two months of the quarter,” Twin River President and CEO George Papanier said. “While our full-quarter results were meaningfully impacted by the closure of our properties in March, we have taken broad-based actions to reduce expenses and enhance liquidity.”

Twin River said that during the shutdown the company has continued health insurance coverage for all furloughed employees and has established a fund to provide assistance to employees experiencing hardships.

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