PROVIDENCE – Twin River Worldwide Holdings Inc. on Friday announced it has sufficient liquidity to sustain the business through the unexpected closure of its casinos in multiple states.
The company, which is publicly traded, reported it has fully funded its $250 million line of credit and has more than $360 million available on its balance sheet. The company has no debt maturing before 2024, it reported in a press release.
Its solvency has importance for state coffers. The company’s two casinos account for the third-largest amount of revenue provided annually to the state, behind income and sales taxes.
The company, which operates Twin River Casino in Lincoln and Tiverton Casino, said it has a two-phased plan for carrying the company through the COVID-19 outbreak.
One contemplates a three-month impact to services, another a more extensive six-month impact. The company will follow both until “it has better future visibility.”
The steps include retaining some employees to allow for a quick reopening. All facility-level employees will receive continuing health coverage through the temporary shutdown ordered by the state of Rhode Island.
All salaried and hourly employees who were furloughed will be guaranteed their jobs when the casinos reopen.
And the company is establishing a fund for employees who have extreme financial hardship during the shutdown.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
