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Twin River Worldwide Holdings (NYSE: TRWH) reported financial results for Q3 2020, showing revenue of $116.6 million, a 9.8% decline from Q3 2019 due to COVID-19 capacity limits. Despite lower revenue, the company achieved an operating income of $23.4 million (up 9.0%) and Adjusted EBITDA of $38.0 million (up 6.8%). Net income slightly decreased to $6.7 million. The company announced several acquisitions to diversify its portfolio, including Jumer's Casino for $120 million and Tropicana Evansville for $140 million. The company aims to rebrand as Bally's Corporation by November 9, 2020.
Twin River Worldwide Holdings, Inc. (NYSE: TRWH) has acquired the Bally's brand from Caesars Entertainment. This strategic move allows Twin River to rebrand its Atlantic City property and most of its portfolio under the Bally's name. Additionally, Twin River will grant Caesars a perpetual license to use the brand at its Bally's Las Vegas property. Financial terms of the acquisition were not disclosed, but this transition positions Twin River to expand its market presence significantly.
Twin River Worldwide Holdings (NYSE: TRWH) is set to release its third quarter 2020 financial results on October 29, 2020, before the market opens.
A conference call will follow at 8:00 a.m. EDT that same day, where management will discuss the financial outcomes. Investors can join the call by dialing (833) 570-1160 and using conference ID 4476492. An audio webcast will also be available on the company's website, with an archive accessible for 120 days.
Twin River Worldwide Holdings has priced a $125 million issuance of 6.750% senior unsecured notes due in 2027, increasing total senior unsecured notes to $525 million. The offering, which targets qualified institutional buyers, is expected to close on October 9, 2020. Proceeds will be used for general corporate purposes, including potential acquisitions. The notes are not registered under the Securities Act and cannot be sold to U.S. persons without exemptions.
Twin River Worldwide Holdings, Inc. (NYSE: TRWH) announced a private offering of $125 million in 6.750% senior unsecured notes due 2027. This would increase the total to $525 million in outstanding notes due in 2027. The proceeds will be used for general corporate purposes, including acquisitions. Preliminary estimates for Q3 2020 indicate revenues between $100 million and $130 million and Adjusted EBITDA between $30 million and $40 million. The company expects to be cash flow positive for Q3 2020, with liquidity over $360 million.
Twin River Worldwide Holdings (NYSE: TRWH) announced an agreement to acquire Jumer's Casino & Hotel in Rock Island, Illinois, for $120 million in cash. The acquisition, which implies a 7.4x Adjusted EBITDA purchase multiple based on the year ending December 31, 2019, is projected to be immediately accretive to earnings. The deal is part of Twin River's strategy to diversify its portfolio and expand its geographic reach, particularly in the growing Illinois gaming market, with the acquisition expected to close in Q2 2021, subject to regulatory approvals.
Sporttrade, a sports betting startup, has partnered with Twin River Worldwide Holdings (NYSE: TRWH) to launch a proprietary sports betting exchange in New Jersey, pending regulatory approvals for Twin River's acquisition of Bally's Atlantic City Hotel & Casino. The partnership aims to deliver a unique online betting experience, featuring lower costs compared to traditional sportsbooks. Sporttrade's innovative approach combines capital markets technology with sports betting, promising a fair, liquid, and transparent platform.
Twin River Worldwide Holdings (TRWH) reported its second-quarter 2020 financial results, highlighting a significant revenue drop of 79.8% year-over-year to $28.9 million, attributed to COVID-19 closures. Adjusted EBITDA fell to negative $10.7 million from positive $47.5 million in Q2 2019. Despite challenges, positive trends emerged in certain locations like Biloxi and Delaware, where margins improved significantly. The firm welcomed new properties in Kansas City and Vicksburg, contributing to operational efficiencies and positive cash flow, aiding future growth prospects.
PointsBet has partnered with Twin River Worldwide Holdings (TRWH) to launch its online casino product in New Jersey, pending TRWH's acquisition of Bally's Atlantic City Hotel & Casino. This multi-year deal will enhance PointsBet's offerings and follows its upcoming debut in Michigan. The casino will utilize PointsBet's proprietary technology, aiming to deliver a premium gaming experience. Twin River's CEO highlighted extensive property upgrades at Bally's, including renovations and improved amenities, aiming to compete effectively in New Jersey's mobile gaming market.
Twin River Worldwide Holdings (NYSE: TRWH) will announce its second quarter 2020 financial results on August 11, 2020, before market opening. A conference call led by management will follow at 8:00 a.m. EDT to discuss the results. Interested parties can join the call by dialing (833) 570-1160 and using conference ID 9486692. An audio webcast will also be available on the company’s website and archived for 120 days. Twin River operates nine casinos across multiple states, including Rhode Island, Mississippi, and Colorado.
