May 13, 2020 3 min read


Twin River Q1: Results Meaningfully Impacted by Casino Closures

Twin River Worldwide Holdings, Inc. issued today its first quarter financial results for 2020, with revenue significantly impacted by the shutdown of operations in mid-March, despite the excellent start of the year.

Revenue Pre- and During Closure

Revenue for the first two months was up 23.4%, to $90.3 million, as opposed to $73.2 million for the respective period the year before. Including March, revenue fell 9.5% to $109.1 million, from $120.6 million posted for Q1 2019.

Net income during January and February was down $4.2 million, 43.9%, but adjusted EBITDA was up $2 million, 8.2%, year-over-year, while first quarter net income was down $26.5 million, a staggering 150.5% drop, from $17.6 million in 2019, to -$8.9 million now, with adjusted EBITDA down 49.7%, from $43.9 million in Q1 2019, to $22.1 million for the first quarter of 2020.

“While our full quarter results were meaningfully impacted by the closure of our properties in March, we have taken broad-based actions to reduce expenses and enhance liquidity… Despite near-term uncertainties, we are confident that our strong balance sheet, liquidity and long-term strategic planning will enable us to emerge from this crisis in an even better position.”

George Papanier, President and CEO, Twin River Worldwide Holdings

Liquidity Position

By the end of March, Twin River had $361.6 million in cash and cash equivalents, having fully drawn on its $250 million revolving credit facility. In May, the casino operator increased its term loan by $275 million under the existing credit agreement and fully repaid the outstanding $250 million of its revolving credit facility, reaching a total liquidity in excess of $620 million, with no substantial debt maturities before 2024.

Despite operations being interrupted by the mandated closures, Twin River is fully focused on its expansion strategy, looking to close in a measured sequence over the next year the acquisitions of new casinos, Eldorado Shreveport Resort and Casino in Shreveport, Louisiana, and the MontBleu Resort Casino & Spa in Lake Tahoe, Nevada, from Eldorado Resorts, and Bally’s Atlantic City Hotel & Casino in Atlantic City, New Jersey, from Caesars Entertainment.

Contingency Planning

Twin River expressed its concern that the health crisis will continue to negatively impact its results, as there is a degree of uncertainty regarding when the number of visitors will restore to pre-closure levels. There are other factors that are indeterminable at this time, dependent on future development of the health crisis, as well as other challenges stemming from the global economy.

Despite that some states have already announced plans to re-open their non-essential businesses, Twin River is planning to reduce cash burn rate to approximately $3 million per month, in case a long-term shut down takes place. The company made provisions to withstand a period of 18 months, despite its operations costs incrementally going up with the new casino acquisitions.

Twin River is in the process of establishing a prudent, multi-phased approach to re-open its facilities, including entrance screening, thermal cameras, social distancing and frequent cleaning and sanitizing protocols, mask protection and public signage.


Although Fiona doesn't have a long-spanning background within the gambling industry, she is an incredibly skilled journalist who has built a strong interest in the constantly growing iGaming network. The team at is glad to have her on our roster to help deliver the best stories as soon as they hit. Aside from writing, she loves to dabble in online casino games such as slots and roulette, both for her own enjoyment and also as research to better improve her understanding of the industry.

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