Twin River Worldwide Holdings has unveiled its Q3 financial results for the period ended September 30, 2020 showing revenue down by 9.8% to $116.6m, while income from operations grew 9% to $23.4m.
Net income for the third quarter of 2020 was $6.7m, a decrease of $0.3m year-on-year and adjusted EBITDA was $38m, an increase of $2.4m, or 6.8%, year-on-year. Income from operations of $23.4m increased $1.9m or 9.0%, while net income of $6.7m was slightly down, compared to third quarter 2019.
George Papanier, President and CEO, updated investors, saying: “We are pleased that in the midst of this unprecedented operating environment, we continue to achieve positive financial results. Our significant margin expansion and early returns from our acquired properties in Kansas City and Vicksburg drove an increase in adjusted EBITDA year-over-year, even amid continued limited capacity.
“These results are a testament not only to our dedicated management team and valued employees, but also to our proven business model. I am very proud of how hard the teams at the property level are working to keep our customers and team members safe during this challenging environment.”
He continued: “In addition to our strong financial performance this quarter, we continued to execute on our disciplined and diversified portfolio strategy. Including those properties under contract we are now positioned to operate in ten states.
Additionally, we acquired the iconic Bally’s brand, under which we will unite the high-quality customer offerings that span our increasingly national footprint, leveraging a brand synonymous with first-class gaming and entertainment. As the first step in this rebranding initiative, we recently announced that Twin River will change its name to Bally’s Corporation, effective November 9, 2020.”
Concluding, he noted: “Our disciplined approach has preserved flexibility and moderated financial leverage to levels that have allowed us to have the liquidity to better deal with the kind of uncontrollable events 2020 has dealt us. Our first announced sale-leaseback transaction highlights, even during these challenging times, the untapped potential of our predominantly owned real estate portfolio.”