Twin River Worldwide Holdings Inc saw its Q2 performance slide dramatically as a result of the ongoing pandemic, with losses across the board reported in its financial results for the trading period ended June 30, 2020.
Revenue decreased 79.8% to $28.9m from $143.2m year-on-year, while the net loss for the second quarter was $23.6m, down $40.7m or 237.1% from net income of $17.2m in Q2 2019. Adjusted EBITDA was reported as negative $10.7m, a decrease of $58.2m, or 122.6%, from positive adjusted EBITDA of $47.5m year-on-year.
George Papanier, President and CEO, told investors: “We were thrilled to have welcomed back our valued team members and loyal customers at all of our properties to safe and secure environments that meet or exceed CDC safety guidelines. Since reopening, where we have been permitted to operate under fewer capacity restrictions with more amenities, we are seeing strong demand.
“On a comparable basis, Hard Rock Biloxi and Dover Downs achieved strong adjusted EBITDA performance and significant margin improvement while complying with state-regulated reductions in gaming capacity. These positive margin trends are continuing into July, giving us confidence that we can sustain a level of the increased operational efficiencies.”
He added: “I am also excited to welcome our newest properties in Kansas City, Missouri and Vicksburg, Mississippi which we have rebranded Casino KC and Casino Vicksburg, respectively. Both of these properties experienced robust demand and have generated strong positive cash flow following their reopening and our subsequent acquisition.
“The Casino KC and Casino Vicksburg properties are a great fit for our portfolio and significantly expand our geographic footprint with assets in attractive markets. We see a lot to build on and look forward to working with the local teams to realize the strategic benefits of this transaction.”