Beasts of Fire Maximum slot by Play'n GO featuring Charging Fire Beasts, Expanding Reels, and Maximum Burning Spins for explosive wins.
Connect with us
Beasts of Fire Maximum slot by Play'n GO featuring Charging Fire Beasts, Expanding Reels, and Maximum Burning Spins for explosive wins.

Gambling in the USA

Twin River Worldwide Holdings, Inc. Announces 2018 Fourth Quarter And Full Year Results

Published

on

 

Q4 REVENUE INCREASED 11.9% YEAR-OVER-YEAR

 

Twin River Worldwide Holdings, Inc. reported financial results for the fourth quarter and full year ended December 31, 2018.

Fourth Quarter and Full Year 2018 Highlights

  • Net revenues for the fourth quarter and full year 2018 were $111.4 million and $437.5 million, respectively.
  • Gross gaming revenues for the fourth quarter and full year 2018 were $183.5 million and $716.9 million, respectively. See reconciliation of this and other non-GAAP metics in the tables below.
  • Fourth quarter and full year 2018 net income was $22.1 million and $71.4 million, respectively.
  • Adjusted EBITDA for the fourth quarter and full year 2018 were $37.0 million and $165.7 million, respectively.
  • Tiverton Casino Hotel (“Tiverton“) and the new hotel at Twin River Casino Hotel (“Twin River”) opened.
  • The merger with Dover Downs Gaming & Entertainment, Inc. (“Dover Downs”) is expected to close in March 2019.

“We are pleased with the progress we made on our strategic initiatives in 2018. This past year was transformational for us, with the successful launch of our newest property, Tiverton, the successful opening and ramp of our new hotel at Twin River, the introduction of sports betting across our casino properties and the Dover Downs merger and related launch of TRWH as an NYSE-listed company.  I am proud of our team’s focus and dedication to these initiatives without losing sight of our customers,” said George Papanier, President and Chief Executive Officer. “We are on track to close the Dover transaction this month, and our teams are hard at work planning for the integration to capture the synergies and strategic benefits of this combination for our combined shareholders.”

Summary of Fourth Quarter and Full Year Financial Results





Quarter Ended December 31,









Year Ended December 31,





Amounts in $000’s 



2018

Advertisement
Stake - Best Online Casino & Sports Betting Platform


2017



Change





2018



2017



Change





























Net revenue



$

111,422



$

99,554

Advertisement
Stake - Best Online Casino & Sports Betting Platform


11.9%





$

437,537



$

421,053



3.9%

Income from operations



34,697



27,990



24.0%

Advertisement
Stake - Best Online Casino & Sports Betting Platform




120,649



123,723



-2.5%

Income from operations margin



31.14%



28.12%









27.57%



29.38%





Net income



22,130

Advertisement
Stake - Best Online Casino & Sports Betting Platform


19,154



15.5%





71,438



62,247



14.8%

Net income margin 



19.86%



19.24%









16.33%



14.78%

Advertisement
Stake - Best Online Casino & Sports Betting Platform




Adjusted EBITDA



36,980



38,535



-4.0%





165,697



166,772



-0.6%

Adjusted EBITDA Margin



33.19%



38.71%

Advertisement
Stake - Best Online Casino & Sports Betting Platform








37.87%



39.61%





2018 Fourth Quarter Results

Net revenues for the fourth quarter increased 11.9% to $111.4 million from $99.6 million in the fourth quarter of 2017. Net revenue increases were the result of the opening of Tiverton and the hotel at Twin River in September and October, respectively. Gaming revenues increased $8.5 million, or 11.3%, hotel revenues increased $1.6 million, or 38.2%, and food & beverage revenues increased $1.5 million, or 14.0%, each compared to the same period in the prior year.

Income from operations in the fourth quarter increased $6.7 million, or 24.0%, year-over-year to $34.7 million.  This improvement can be attributed to operating income generated by the increased revenue and a $3.7 million decrease in advertising, general and administrative expenses (“AG&A”). The decrease in AG&A was primarily driven by a $12.8 million decrease reflecting reductions in share-based compensation expense,  partially offset by merger and going public expenses and normal volume-related increases.

Net income for the fourth quarter increased by $3.0 million, or 15.5%, to $22.1 million due primarily to increased income from operations, partially offset by $1.8 million of increased interest expense and an increase in the effective tax rate from 17.2% to 20.9%.

Adjusted EBITDA for the fourth quarter of 2018 was $37.0 million, a decrease of $1.6 million, or (4.0%), from $38.5 million in the fourth quarter last year driven by increased corporate administrative expenses.

2018 Full Year Results

Net revenue for the year ended December 31, 2018 increased 3.9% to $437.5 million, from $421.1 million in the same period in 2017. This increase was primarily attributable to increases in gaming and racing revenue and non-gaming revenue attributable to the opening of Tiverton on September 1, 2018, partially offset by a decrease of $5.3 million from closing Newport Grand on August 28, 2018.  The increase in non-gaming revenue can also be attributed opening the Twin River hotel and, to a lesser extent, due to increases in merchandise, cash services and entertainment revenue.

Total operating costs and expenses for the full year 2018 increased $19.6 million to $316.9 million from $297.3 million for 2017. This increase resulted in income from operations of $120.6 million, which represented a decrease of 2.5% compared to 2017. The year-over-year increase in costs and expenses can be attributed to $6.6 million of costs related to the Dover Downs merger and public company costs, a disposal loss of $6.5 million in connection with the sale of the Newport Grand land and building, a $3.7 million charge incurred associated with a pension plan withdrawal liability, an increase of $2.5 million in expansion and pre-opening costs primarily associated with Tiverton and increased marketing expense to support the opening of Tiverton and the Twin River hotel, partially offset by a $19.3 million reduction in the amount of share-based compensation expense.

Advertisement
Stake - Best Online Casino & Sports Betting Platform

Net income for 2018 was $71.4 million, an increase of 14.8% from $62.2 million in 2017. Contributing to the net income increase year-over-year was a reduction in the effective tax rate from 38.4% to 27.0% as a result of federal tax reform.

Adjusted EBITDA for the full year of $165.7 million was essentially the same as 2017.

Balance Sheet and Liquidity

TRWH had $77.6 million in cash and cash equivalents, excluding restricted cash, at December 31, 2018. Outstanding indebtedness at December 31, 2018 totaled $394.2 million including $55.0 million outstanding on the Company’s revolving credit facility.  The Company’s leverage remained relatively consistent at approximately 2.4x compared to the prior year. Capital expenditures for Tiverton and Twin River hotel in 2018 totaled approximately $117 million.

Following the Dover Downs merger, the Company plans to consider a potential tender for a portion of its outstanding common stock or another transaction to provide a return of capital to shareholders.  The amount, timing and terms of any such transaction, if any, will be determined at that time and be based upon prevailing market conditions, the Company’s financial condition and prospects and other factors, including conditions in the bank, credit and debt capital markets.

Reconciliation of GAAP Measures to Non-GAAP measures

To supplement the financial information presented on a generally accepted accounting principles (“GAAP”) basis, the Company has included in this earnings release non-GAAP financial measures for Adjusted EBITDA, Adjusted EBITDA margin, gross gaming revenue and leverage. The non-GAAP measure Adjusted EBITDA excludes depreciation, amortization,  interest expense and income, net, income taxes,  merger and going public expenses, loss associated with Newport Grand land and building disposal, acquisition-related costs associated with announced planned acquisitions in Colorado, pension withdrawal expense, pension audit payment, shared-based compensation expense, non-recurring litigation expenses, legal and financial expenses for strategic review, non-recurring expansion and pre-opening expenses, storm-related repairs, and credit agreement amendment expenses. Adjusted EBITDA margin is Adjusted EBITDA divided by net revenue. Gross gaming revenue is is net gaming revenue inclusive of the State of Rhode Island’s share of net terminal income, tables games revenue and other gaming revenue. Leverage  is calculated as outstanding debt divided by Adjusted EBITDA as defined above.

The reconciliation of these non-GAAP financial measures to their comparable GAAP financial measures are presented in the tables appearing below. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. The Company believes that presenting non-GAAP financial measures aids in making period-to-period comparisons and is a meaningful indication of its actual and estimated operating performance. The Company’s management utilizes and plans to utilize this non-GAAP financial information to compare the Company’s operating performance to comparable periods and to internally prepared projections. The Company’s non-GAAP financial measures may not be the same as or comparable to similar non-GAAP measures presented by other companies.

Fourth Quarter and Full Year Conference Call

The Company’s fourth quarter and full year 2018 earnings conference call and audio webcast will be held today, Tuesday March 19, 2019 at 5:00 PM EDT. To access the conference call, please dial (877) 791-0146 (U.S. toll-free) and reference conference ID number 1562667. The webcast of the call will be available to the public, on a listen-only basis, via the Internet at the Investors section of the Company’s website at www.twinriverwwholdings.com.  An online archive of the webcast will be available on the Company’s website for 120 days.

Advertisement
Stake - Best Online Casino & Sports Betting Platform

About Twin River Worldwide Holdings, Inc.

Twin River Worldwide Holdings, Inc., owns and manages two casinos in Rhode Island and one in Mississippi, as well as a Colorado horse race track that possesses 13 OTB licenses. Properties include Twin River Casino Hotel (Lincoln, RI), Hard Rock Hotel & Casino (Biloxi, MS), Tiverton Casino Hotel (Tiverton, RI) and Arapahoe Park (Aurora, CO). TRWH’s expertise spans various casino markets, including regional, destination & resort environments. Its casinos range in size from 1,000 slots and 32 table games facilities to properties with 4,200 slots and 123 table games, along with hotel and resort amenities.

Additional Information and Where to Find It

In connection with the proposed Dover Downs transaction, Twin River filed a registration statement on Form S-4 (File No. 333-228973) with the SEC that includes a combined proxy statement/prospectus. The registration statement was declared effective by the SEC on February 8, 2019, and a definitive proxy statement/prospectus was sent to each Dover Downs stockholder entitled to vote at the special meeting in connection with the proposed transaction beginning on February 13, 2019. This communication is not a substitute for any proxy statement, registration statement, prospectus or other documents Dover Downs and/or Twin River may file with the SEC in connection with the proposed Dover Downs transaction. INVESTORS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THESE DOCUMENTS, ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS AND OTHER DOCUMENTS FILED BY DOVER DOWNS OR TWIN RIVER WITH THE SEC IN CONNECTION WITH THE PROPOSED DOVER DOWNS TRANSACTION BECAUSE THESE DOCUMENTS CONTAIN IMPORTANT INFORMATION. Investors are able to obtain free copies of these materials and other documents filed with the SEC by Dover Downs and/or Twin River through the website maintained by the SEC at www.sec.gov. Investors are also able to obtain free copies of the documents filed by Dover Downs and/or Twin River with the SEC from the respective companies by directing a written request to Dover Downs at Dover Downs Gaming & Entertainment, Inc., 1131 North DuPont Highway, Dover, Delaware 19901 or by calling (302) 857-3292, or contact Twin River at Twin River Worldwide Holdings, Inc., 100 Twin River Road, Lincoln, RI 02865 or by calling (401)-475-8474.

No Offer or Solicitation

This communication is for informational purposes only and not intended to and does not constitute an offer to subscribe for, buy or sell, the solicitation of an offer to subscribe for, buy or sell or an invitation to subscribe for, buy or sell any securities or the solicitation of any vote or approval in any jurisdiction pursuant to, or in connection with, the proposed transaction or otherwise, nor will there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities will be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”), and otherwise in accordance with applicable law.

Participants in the Solicitation

This communication is not a solicitation of a proxy from any investor. Dover Downs, its directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from stockholders of Dover Downs in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of proxies in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, are set forth in the relevant materials filed with the SEC. Information regarding the directors and executive officers of Dover Downs is contained in Dover Downs’ definitive proxy statement in respect of the Dover Downs transaction, its proxy statement for its 2018 annual meeting of stockholders, filed with the SEC on March 29, 2018, its annual report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on March 1, 2018, its quarterly report on Form 10-Q for the quarter ended September 30, 2018, which was filed with the SEC on November 8, 2018 and certain of its current reports filed on Form 8-K. These documents can be obtained free of charge from the sources indicated above.

Forward-Looking Statements

This communication contains “forward-looking” statements as that term is defined in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. All statements, other than historical facts, including future financial and operating results, the tax consequences of the transaction and the Company’s plans, objectives, expectations and intentions, legal, economic and regulatory conditions and any assumptions underlying any of the foregoing, are forward-looking statements.   

Advertisement
Stake - Best Online Casino & Sports Betting Platform

Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others (1) the risk that the proposed Dover Downs transaction may not be completed on the terms, in the time frame expected or at all; (2) unexpected costs, charges or expenses resulting from the Dover Downs and proposed Colorado transactions; (3) uncertainty of the expected financial performance of TRWH, including the failure to realize the anticipated benefits of transactions; (4) TRWH’s ability to implement its business strategy; (5) the inability to retain and hire key personnel; (6) the risk that stockholder litigation, result in significant costs of defense, indemnification and/or liability; (7) evolving legal, regulatory and tax regimes; (8) changes in general economic and/or industry specific conditions; (9) actions by third parties, including government agencies;(10) the risk that TRWH will be unable to complete any proposed capital return transaction on the terms, in the time frame expected or at all; and (11) other risk factors as detailed in the combined proxy statement/prospectus that was filed in a Registration Statement on Form S-4 with the SEC in connection with the Dover Downs transaction.  The foregoing list of important factors is not exclusive.

Any forward-looking statements speak only as of the date of this communication. TRWH does not undertake any obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

TWIN RIVER WORLDWIDE HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(in thousands, except per share data)







Quarter Ended December 31,



Year Ended December 31,





2018



2017



2018

Advertisement
Stake - Best Online Casino & Sports Betting Platform


2017



















Revenue:

















Gaming



$

83,825



$

75,288



$

327,740



$

Advertisement
Stake - Best Online Casino & Sports Betting Platform

314,794

Racing



2,718



3,152



13,158



14,034

Hotel



5,687



4,115



21,339

Advertisement
Stake - Best Online Casino & Sports Betting Platform


19,431

Food and beverage



12,465



10,935



48,380



47,004

Other



6,727



6,064



26,920

Advertisement
Stake - Best Online Casino & Sports Betting Platform


25,790

Net revenue



111,422



99,554



437,537



421,053



















Operating costs and expenses:

















Gaming



20,138



16,441

Advertisement
Stake - Best Online Casino & Sports Betting Platform


71,798



65,558

Racing



1,990



1,966



9,031



9,534

Hotel



2,352



1,713

Advertisement
Stake - Best Online Casino & Sports Betting Platform


8,266



7,173

Food and beverage



11,922



8,818



40,246



37,371

Advertising, general and administrative



33,507



37,229

Advertisement
Stake - Best Online Casino & Sports Betting Platform


156,023



155,336

Expansion and pre-opening



54



59



2,678



154

Newport Grand disposal loss



(27)



Advertisement
Stake - Best Online Casino & Sports Betting Platform


6,514



Depreciation and amortization



6,789



5,338



22,332



22,204

Total operating costs and expenses



76,725



71,564

Advertisement
Stake - Best Online Casino & Sports Betting Platform


316,888



297,330

Income from operations



34,697



27,990



120,649



123,723



















Other income (expense):

















Interest income



53

Advertisement
Stake - Best Online Casino & Sports Betting Platform


52



173



194

Interest expense, net of amounts capitalized



(6,774)



(4,910)



(23,025)



(22,809)

Total other expense



(6,721)

Advertisement
Stake - Best Online Casino & Sports Betting Platform


(4,858)



(22,852)



(22,615)



















Income before provision for income taxes



27,976



23,132



97,797



101,108



















Provision for income taxes



(5,846)

Advertisement
Stake - Best Online Casino & Sports Betting Platform


(3,978)



(26,359)



(38,861)

Net income



22,130



19,154



71,438



62,247

Deemed dividends related to changes in fair value of 

common stock subject to possible redemption



2,214

Advertisement
Stake - Best Online Casino & Sports Betting Platform


(668)



640



(2,344)

Net income applicable to common stockholders



$

24,344



$

18,486



$

72,078

Advertisement
Stake - Best Online Casino & Sports Betting Platform


$

59,903



















Net income per share, basic



$

0.66



$

0.51



$

1.95



$

Advertisement
Stake - Best Online Casino & Sports Betting Platform

1.64

Weighted average common shares outstanding, basic



37,080,705



36,486,318



36,938,943



36,478,759



















Net income per share, diluted



$

0.63



$

Advertisement
Stake - Best Online Casino & Sports Betting Platform

0.48



$

1.87



$

1.56

Weighted average common shares outstanding, diluted



38,503,938



38,485,001



38,551,708



38,442,944

Advertisement
Stake - Best Online Casino & Sports Betting Platform

TWIN RIVER WORLDWIDE HOLDINGS, INC.

CONDENSED CONSOLIDATED  BALANCE SHEETS (Unaudited)

(in thousands)







 December 31, 





2018



2017

Assets









Current assets:









Cash and cash equivalents



$    77,580

Advertisement
Stake - Best Online Casino & Sports Betting Platform


$    85,814

Restricted cash



3,851



7,402

Accounts receivable, net



22,966



18,311

Other current assets



18,065



22,525

Advertisement
Stake - Best Online Casino & Sports Betting Platform

Total current assets



122,462



134,052











Property and equipment, net



416,148



335,548

Goodwill



132,035



132,035

Intangible assets, net

Advertisement
Stake - Best Online Casino & Sports Betting Platform


110,104



115,367

Other non-current assets



1,603



1,132

Total assets



$  782,352



$  718,134











Liabilities, Temporary Equity and Shareholders’ Equity









Current liabilities:

Advertisement
Stake - Best Online Casino & Sports Betting Platform








Current portion of term loan



$      3,595



$    33,325

Accounts payable



14,215



25,062

Accrued liabilities



57,778



57,849

Total current liabilities

Advertisement
Stake - Best Online Casino & Sports Betting Platform


75,588



116,236











Stock options





46,521

Deferred tax liability



17,526



11,646

Revolver borrowings



55,000

Advertisement
Stake - Best Online Casino & Sports Betting Platform


20,000

Term loan, net of current portion, discount and deferred financing fees



335,578



337,875

Total liabilities



483,692



532,278











Commitments and contingencies









Common stock subject to possible redemption



Advertisement
Stake - Best Online Casino & Sports Betting Platform


9,053











Shareholders’ equity:









Common stock



380



362

Additional paid in capital



125,629



67,910

Treasury Stock, at cost



(30,233)

Advertisement
Stake - Best Online Casino & Sports Betting Platform


(22,275)

Retained earnings



202,884



130,806

Total shareholders’ equity 



298,660



176,803

Total liabilities, temporary equity and shareholders’ equity



$  782,352



$  718,134

Advertisement
Stake - Best Online Casino & Sports Betting Platform

TWIN RIVER WORLDWIDE HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in thousands)







 Years Ended December 31,





2018



2017

Cash flows from operating activities:









Net income



$    71,438



$    62,247

Advertisement
Stake - Best Online Casino & Sports Betting Platform

Adjustments to reconcile net income to net cash provided by operating activities:









Depreciation and amortization



22,332



22,204

Share-based compensation



(1,474)



17,791

Amortization of deferred financing fees



2,400



2,205

Advertisement
Stake - Best Online Casino & Sports Betting Platform

Amortization of original issue discount



867



1,082

Bad debt expense



202



29

Deferred income taxes



5,880



(5,126)

Newport Grand disposal loss

Advertisement
Stake - Best Online Casino & Sports Betting Platform


6,514



Loss on disposal of property and equipment



11



24

Changes in operating assets and liabilities



1,074



7,376

Net cash provided by operating activities



109,244

Advertisement
Stake - Best Online Casino & Sports Betting Platform


107,832











Cash flows from investing activities:









Repayment of loans from officers and directors



5,360



362

Proceeds from sale of land and building for Newport Grand disposal



7,108



Capital expenditures, excluding Tiverton Casino Hotel and new hotel at Twin

River Casino



(11,874)

Advertisement
Stake - Best Online Casino & Sports Betting Platform


(8,574)

Capital expenditures – Tiverton Casino Hotel



(94,581)



(34,355)

Capital expenditures – new hotel at Twin River Casino



(22,435)



(4,924)

Other investing cash flows



(1,178)



6

Advertisement
Stake - Best Online Casino & Sports Betting Platform

Net cash used in investing activities



(117,600)



(47,485)











Cash flows from financing activities:









Revolver borrowing



41,000



10,000

Revolver repayments



(6,000)



(25,000)

Advertisement
Stake - Best Online Casino & Sports Betting Platform

Term loan repayments



(34,527)



(11,564)

Stock repurchases



(7,958)



(2,275)

Other financing cash flows



4,056



(94)

Net cash used in financing activities

Advertisement
Stake - Best Online Casino & Sports Betting Platform


(3,429)



(28,933)











Net change in cash and cash equivalents and restricted cash



(11,785)



31,414

Cash and equivalents and restricted cash, beginning of period



93,216



61,802

Cash and equivalents and restricted cash, end of period



$  81,431

Advertisement
Stake - Best Online Casino & Sports Betting Platform


$  93,216

TWIN RIVER WORLDWIDE HOLDINGS, INC.

Reconciliation of Net Income and Net Income Margin to

Adjusted EBITDA and Adjusted EBITDA Margin (Unaudited)

(in thousands)







Quarter Ended December 31,



Year Ended December 31,





2018



2017



2018

Advertisement
Stake - Best Online Casino & Sports Betting Platform


2017



















Net revenue 



$    111,422



$        99,554



$    437,537



$    421,053



















Net income



$      22,130



$        19,154



$      71,438

Advertisement
Stake - Best Online Casino & Sports Betting Platform


$      62,247

Depreciation and amortization



6,789



5,338



22,332



22,204

Provision for income taxes



5,846



3,978



26,359

Advertisement
Stake - Best Online Casino & Sports Betting Platform


38,861

Interest expense, net of interest income



6,721



4,858



22,852



22,615

Merger and going public expenses (1)



2,292





6,636

Advertisement
Stake - Best Online Casino & Sports Betting Platform


Newport grand disposal loss (2)



(27)





6,514



Pension withdrawl expense (3)







3,698

Advertisement
Stake - Best Online Casino & Sports Betting Platform


Expansion and pre-opening expenses (4)



54



59



2,678



154

Non-recurring litigation expenses (5)



626



678



1,861

Advertisement
Stake - Best Online Casino & Sports Betting Platform


1,722

Pension audit payment (6)



1,400





1,400



Share-based compensation 



(8,825)



3,994



(1,474)

Advertisement
Stake - Best Online Casino & Sports Betting Platform


17,791

Legal & financial expenses for strategic review (7)



4



226



676



822

Credit agreement amendment expenses (8)



83





493

Advertisement
Stake - Best Online Casino & Sports Betting Platform


106

Acquistion costs (9)



208





208



Storm related repair expense (10)



(321)



250



26

Advertisement
Stake - Best Online Casino & Sports Betting Platform


250

Adjusted EBITDA



$    36,980



$      38,535



$  165,697



$  166,772



















Net income margin



19.86%



19.24%



16.33%

Advertisement
Stake - Best Online Casino & Sports Betting Platform


14.78%

Adjusted EBITDA margin



33.19%



38.71%



37.87%



39.61%





(1)

Merger and going public expenses primarily include legal and financial advisory costs related to the merger with Dover Downs and one-time costs of becoming a public company.

(2)

Newport Grand disposal loss represents the loss on the sale of the land and building, write-down of building improvements and write-off of equipment.

Advertisement
Stake - Best Online Casino & Sports Betting Platform

(3)

The pension withdrawal expense represents the accrual for the New England Teamsters Multi- employer pension plan withdrawal liability.

(4)

Expansion and pre-opening expenses represent costs incurred for Tiverton Casino Hotel prior to its opening on September 1, 2018.

(5)

Non-recurring litigation expense represents legal expenses incurred by TRWH in connection with certain litigation matters (net of insurance reimbursements).

(6)

Pension audit payments represents a charge for out-of-period unpaid contributions, inclusive of estimated interest and penalties, to one of the Company’s multi-employer pension plans.

(7)

Legal and financial expenses for the strategic review include expenses associated with TRWH’s review of strategic alternatives that began in April 2017.

Advertisement
Stake - Best Online Casino & Sports Betting Platform

(8)

Credit Agreement amendment expenses include costs associated with amendments made to TRWH’s Credit Agreement.

(9)

Acquisition costs represent costs incurred during the year associated with the Company’s announced acquisition of three casinos in Black Hawk, Colorado from Affinity Gaming.

(10)

Storm-related repair expenses include costs, net of insurance recoveries, associated with damage from Hurricane Nate at Hard Rock Biloxi.

TWIN RIVER WORLDWIDE HOLDINGS, INC.

Calculation of Gross Gaming Revenue (Unaudited)

(In thousands)







Quarter Ended December 31,

Advertisement
Stake - Best Online Casino & Sports Betting Platform






Year Ended December 31,









2018



2017



Change



2018



2017



Change



























Net gaming revenue



$             83,825



$             75,288

Advertisement
Stake - Best Online Casino & Sports Betting Platform


11.3%



$    327,740



$    314,794



4.1%

Adjustment for the State of RI’s  share of net

terminal income, table games revenue and other

gaming revenue (1)



99,710



86,774







389,203



370,604





Gross gaming revenue

Advertisement
Stake - Best Online Casino & Sports Betting Platform


$         183,535



$         162,062



13.3%



$  716,943



$  685,398



4.6%





(1)

Adjustment made to show gaming revenue on a gross basis consistent with gross gaming win data provided throughout the gaming industry.

Calculation of Leverage (Unaudited)

(In thousands, except times levered)

Advertisement
Stake - Best Online Casino & Sports Betting Platform






Year Ended December 31,





2018



2017

Face Value of Debt (1)



$    397,439



$  396,966

Adjusted EBITDA (2)



165,697



166,772

Leverage

Advertisement
Stake - Best Online Casino & Sports Betting Platform


 2.4x 



 2.4x 





(1)

Outstanding debt before unamortized original issue discount and unamortized term loan deferred financing costs of $3.3 million and $5.8 million in 2018 and 2017, respectively.

(2)

See reconciliation of GAAP net income to Adjusted EBITDA above.

Source: Twin River Worldwide Holdings, Inc.

Continue Reading
Advertisement
Stake - Best Online Casino & Sports Betting Platform

Gambling in the USA

BMM INNOVATION GROUP SHOWCASES ITS SUPPORT FOR TRIBAL SOVEREIGNTY AT INDIAN GAMING CONFERENCE & EXPO MARCH 31 – APRIL 3 AT SAN DIEGO CONVENTION CENTER

Published

on

 

Company to sponsor, attend, and speak at the San Diego, California show.

BMM Innovation Group (“BMM,” “BIG Group,” or “BIG”), a technology conglomerate focused on product compliance testing, cybersecurity solutions, and virtual training for the global gaming industry, today announced its sponsorship and participation in the Indian Gaming Association’s (“IGA”) annual IGA Conference & Expo, March 31-April 3 at the San Diego Convention Center.

With over three decades of experience supporting Tribal gaming, BIG will be on-site as sponsors, speakers, and attendees to reinforce the Company’s steadfast commitment to Tribal sovereignty and self-regulation.

Proud Partners in Tribal Progress

The BIG Group’s Chairman, President, and Chief Executive Officer Martin Storm said, “BMM proudly partners with Tribal governments, Tribal casinos, and Tribal gaming equipment and technology suppliers to advance Tribal sovereignty, self-determination, and economic development. We are honored to continue supporting the growth and integrity of Tribal gaming through our trusted product compliance services, world-class training and virtual education, and our cybersecurity solutions to protect Tribal enterprises.”

BMM’s long-standing relationships with Tribal gaming suppliers and regulators are at the heart of its mission. As active members of IGA and other key Tribal organizations, BIG is committed to elevating Tribal voices and ensuring Tribal interests remain at the forefront of industry growth.

BIG Group Shares Thought Leadership on Conference Panels and Trainings

  • In addition to sponsoring and attending, the BIG Group’s expert thought leaders will speak and provide in-person training at the conference:
  • Tuesday, April 1 at 9 am: Innovation vs. Regulation: Keep Pace with Emerging Gaming Technologies – Sean Mason, Senior Director of Tribal Services
  • Tuesday, April 1 at 4 pm: Gaming and Cyber Risk Best Practices – Mitigate Risk and Sleep Better at Night – Heather Lee, Senior Director of Sales for BIG Cyber
  • Wednesday, April 2 at 9 am: Level III Commissioner Certification Training – Peter Nikiper, Director of Technical Compliance

Unmatched Expertise in Product Compliance and Certification

As a trusted testing laboratory for Tribal gaming jurisdictions across North America, BMM’s focus is fairness, integrity, and security in every gaming environment. IGA attendees are invited to connect with BMM experts to learn more about the Company’s comprehensive product compliance programs.

Education & Training for Long-Term Success

Advertisement
Stake - Best Online Casino & Sports Betting Platform

BIG continues to empower Tribal gaming employees through exclusive education and training programs, including free access to RG24seven Virtual Training. These knowledge-sharing initiatives are designed to support responsible gaming, regulatory compliance, and the long-term sustainability of Tribal gaming operations.

Cybersecurity Solutions Tailored for Tribal Gaming

The BIG Group is focused on bolstering cybersecurity defenses for Tribal enterprises through its BIG Cyber services, which includes penetration testing, vulnerability assessments, PCI:DSS evaluations, and a host of managed security services featuring CYREBRO’s Security Operations Center, KnowBe4’s security awareness training, and Maxxsure’s risk management platform.

 

Continue Reading

Gambling in the USA

Bruce Smith Enterprise and The Cordish Companies Break Ground on New Live! Casino & Hotel in Petersburg, Virginia

Published

on

Bruce Smith Enterprise and The Cordish Companies Break Ground on New Live! Casino & Hotel in Petersburg, Virginia

 

Bruce Smith Enterprise and The Cordish Companies celebrated the groundbreaking of the new LIVE! CASINO & HOTEL VIRGINIA in Petersburg. The milestone officially commences construction on a transformative project that will generate billions of dollars in economic benefits and spinoff development, create thousands of new jobs, and set a new standard for gaming, hotels, and entertainment in the Commonwealth. Live! Casino & Hotel Virginia is part of a larger $1.4 billion master plan by the partnership, scheduled to be developed in phases, that will bring a world-class mixed-use resort destination to Petersburg.

Executives from Bruce Smith Enterprise, The Cordish Companies, and Cordish Gaming were joined by Petersburg City Mayor Sam Parham and members of Petersburg City Council, Virginia State Senator Lashrecse Aird, Virginia State Delegate Kim Taylor, and many other business and community leaders at the project site in Petersburg. The development site, ideally located on Brasfield Parkway at the intersection of Wagner Road and Interstate I-95 just 20 miles south of Richmond, will provide easy access on and off the East Coast’s major north-south interstate.

“It has been a source of immense satisfaction and pride to partner in this incredible development. For far too long people have simply driven by the City of Petersburg, but today marks the beginning of a new era in which Petersburg will become a prime destination. This pivotal project will ignite tourism, create jobs, and ultimately deliver on the promise of greater opportunity and upward mobility for local families. As a champion of Petersburg and its residents, I am happily confident that this historic development will uplift, empower, and enrich this community for years to come,” said Bruce Smith, founder of Bruce Smith Enterprise.

Live! Casino & Hotel Virginia is slated to open in 2027. A temporary gaming facility will open by the end of 2025 to immediately begin creating an estimated 500 new jobs, vendor opportunities and economic benefits for the City. In its first 10 years, the project is expected to generate $2.8 billion in economic stimulus to the region; $504 million in tax revenues including $240 million to the City of Petersburg; $802 million in economic benefits during construction; $201 million in annual economic benefits each year after opening; and 7500 new jobs including 6100 during construction and 1400 new permanent jobs.

“Today marks a monumental day for The Cordish Companies as we expand our Live! brand into the Central Virginia region with the development of Live! Casino & Hotel Virginia. Our company is a national leader in successfully developing and managing large-scale urban revitalization projects across the country. Live! Casino & Hotel will be a transformative development that will bring a world-class gaming and entertainment experience to millions of visitors, create significant new jobs, and generate millions of dollars in economic benefits for the community that will provide a beneficial impact for generations. We look forward to making an immediate impact on the region with the construction of a temporary gaming facility that will be operational before the end of 2025, so that we can begin creating jobs, vendor opportunities and economic benefits for the City,” said Zed Smith, Chief Operating Officer for The Cordish Companies.

Continue Reading

Gambling in the USA

PENN Entertainment Launches Stand-alone Hollywood Casino App in New Jersey

Published

on

 

PENN Entertainment announced that its stand-alone Hollywood Casino app has launched in New Jersey. The new Hollywood Casino platform is available on Android, iOS, and desktop and can also be accessed via the ESPN BET app. Customers can login to Hollywood Casino using their ESPN BET credentials, allowing for a seamless experience across PENN’s online betting and casino platforms.

Ranked by Eilers & Krejcik as the #2 overall iCasino product in the US, Hollywood Casino offers a variety of online slots, table games, and live dealer content, including original titles from PENN Game Studios, the company’s in-house casino game development studio. Hollywood Casino also includes bespoke live dealer tables and exclusive games such as the recently launched Devils Blackjack, an original title leveraging PENN’s partnership with the New Jersey Devils.

“We’re thrilled to introduce our dedicated, casino-first experience to customers across New Jersey. Hollywood Casino delivers a best-in-class experience with an extensive game library, seamless gameplay, and exclusive content from our in-house studio. This launch builds on the strong momentum we’ve gained since introducing our enhanced standalone app in December,” said Aaron LaBerge, Chief Technology Officer of PENN Entertainment.

The stand-alone Hollywood Casino platform debuted in Pennsylvania last December and is also available in Michigan.

Continue Reading

Trending

GamingAmericas.com (part of HIPTHER) is your one-stop portal for the latest news, insights, and analyses in the gaming industry across the Americas. From legislative updates and market trends to interviews with industry leaders, we provide a comprehensive look at the dynamic landscape of both online and land-based gaming. Whether you're a stakeholder looking to stay ahead of the curve or a gaming enthusiast eager for reliable updates, GamingAmericas.com has got you covered. Follow us on social media and subscribe to our newsletter for real-time updates and exclusive content. Make informed decisions and stay ahead in the game with GamingAmericas.com.

Disclaimer: All the information provided is for educational and entertainment purposes only. Always check your local laws before participating in any gaming activities.

Copyright © 2018 – 2025, HIPTHER. All Rights Reserved.