Twin River would have posted $77M profit in 2018 if it had been merged with Dover Downs for the full year

TWIN RIVER WORLDWIDE Holdings said that if the company and the recently acquired Dover Downs had been one company in 2018, earnings for 2018 would have been $77 million, as opposed to the $71.4 million the company earned in the calendar year. The acquisition closed in late March. / COURTESY TWIN RIVER
TWIN RIVER WORLDWIDE Holdings said that if the company and the recently acquired Dover Downs had been one company in 2018, earnings for 2018 would have been $77 million, as opposed to the $71.4 million the company earned in the calendar year. The acquisition closed in late March. / COURTESY TWIN RIVER

LINCOLN – Twin River Worldwide Holdings Inc. made a pro-forma filing with the U.S. Securities and Exchange Commission Monday, indicating that had the company and the recently acquired Dover Downs Gaming & Entertainment Inc. been one company in 2018, it would have logged a $77 million profit.

The company reported net income of $71.4 million in 2018 in a year-end filing in March. The companies completed the acquisition on March 29. Twin River also recently became a publicly-traded company as part of the move.

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Dover Downs, which comprises Dover Downs Hotel & Casino and Dover Downs Raceway in Delaware, is now a wholly-owned subsidiary of Twin River.

The combined earnings per diluted share for the year would have been $1.87, unchanged from the figures reported in March.

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The pro-forma revenue combined Twin River and Dover Downs for 2018 was $534.1 million, with Dover Downs recording revenue of $179.9 million while Twin River recording $437.5 million in revenue, offset by a $83.3 million decrease due to a pro-forma adjustment.

The combined company’s assets were $938.2 million at the end of 2018, including $782.4 million from Twin River and $160.7 million from Dover Downs.

Chris Bergenheim is a PBN web editor. You may reach him at Bergenheim@PBN.com.

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