Twin River Worldwide Holdings has published its financial results for the fourth quarter and full year ended December 31, 2018. Net revenues for the fourth quarter and full year 2018 were $111.4m and $437.5m, respectively, while gross gaming revenues for Q4 and full-year were $183.5m and $716.9m, respectively. Fourth quarter net income was $22.1m and $71.4m for the year. The company achieved adjusted EBITDA of $37m in Q4, and $165.7m for the year.
George Papanier, President and Chief Executive Officer, updated investors saying: “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. 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.”
Focusing on the growth in net revenue for the year, the firm stated: “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 $5.3m 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.”
Twin River currently 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). Its reach spans various casino markets, including regional, destination & resort environments, with locations ranging 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.