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.
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.
