LINCOLN, R.I., May 14,
2019 /PRNewswire/ -- Twin River Worldwide Holdings, Inc. (NYSE:
TRWH) (the "Company" or "TRWH") today reported financial results
for the first quarter ended March 31, 2019.
First Quarter and Recent Highlights
- Net revenue for the first quarter 2019 was $120.6 million, an increase of 15.1%, or
$15.8 million, from $104.8 million in the first quarter 2018
- Gross gaming revenue for the first quarter 2019 increased 13.6%
to $195.0 million from $171.6 million in the first quarter 2018. See
reconciliation of this and other non-GAAP financial metrics in the
tables below
- First quarter 2019 net income was $17.6
million, an increase of $5.0
million, or 39.3%, year-over-year
- Adjusted EBITDA for the first quarter 2019 was $43.9 million compared to $43.0 million in the first quarter 2018
- Completed acquisition of Dover Downs Gaming &
Entertainment, Inc. ("Dover Downs") and began trading on the New
York Stock Exchange ("NYSE")
- On May 10, 2019, closed on
$400 million offering of senior notes
due 2027, and entered into a new bank credit facility, which
includes a $300 million term loan due
2026 and a $250 million revolving
credit facility due 2024, which had no outstanding borrowings at
closing
"The first quarter was an exciting time in the evolution of our
company. We closed on our previously announced acquisition of Dover
Downs and commenced trading on the NYSE which were important
milestones in our ongoing transformation," said George Papanier, President and Chief Executive
Officer. "The integration of the two companies is well underway, we
continue to be excited about the prospects for our business from
this transaction and we believe that the proceeds and borrowing
capacity from our new financing and listing of our shares on the
NYSE should aid in our efforts to continue to grow our business and
look for other opportunities to create long-term shareholder
value."
Summary of First Quarter Financial Results
|
Three Months Ended
March 31,
|
|
|
(in thousands,
except percentages)
|
2019
|
|
2018
|
|
Change
|
Net
revenue
|
$
|
120,631
|
|
|
$
|
104,806
|
|
|
15.1
|
%
|
Income from
operations
|
$
|
30,307
|
|
|
$
|
24,877
|
|
|
21.8
|
%
|
Income from
operations margin
|
25.12
|
%
|
|
23.74
|
%
|
|
|
Net income
|
$
|
17,596
|
|
|
$
|
12,634
|
|
|
39.3
|
%
|
Net income
margin
|
14.59
|
%
|
|
12.05
|
%
|
|
|
Adjusted
EBITDA(1)
|
$
|
43,884
|
|
|
$
|
42,960
|
|
|
2.2
|
%
|
Adjusted EBITDA
Margin(1)
|
36.38
|
%
|
|
40.99
|
%
|
|
|
(1) Refer to
tables in this press release for a reconciliation of these non-GAAP
financial measures to the most directly comparable measure
calculated in accordance with GAAP.
|
2019 First Quarter Results
Net revenue for the first quarter 2019 increased 15.1% to
$120.6 million from $104.8 million in the first quarter 2018. The
increase in net revenue year-over-year can be attributed primarily
to the opening of the Tiverton Casino Hotel ("Tiverton") and the new hotel at Twin River
Casino Hotel ("Twin River") in September and October of 2018,
respectively. Gaming revenue increased $11.3
million, or 14.2%, food & beverage revenue increased
$2.0 million, or 17.6%, and hotel
revenue increased $1.9 million, or
41.6%, each compared to the same period in 2018. The acquisition of
Dover Downs, which closed on March 28,
2019, contributed approximately $1.5
million of net revenue to our results for the first
quarter.
Income from operations in the first quarter 2019 increased
$5.4 million, or 21.8%,
year-over-year to $30.3 million.
Income from operations for the first quarter 2019 includes the
negative impact of $6.4 million of
merger and going public expenses and the first quarter 2018
includes a $5.9 million disposal loss
from the sale of the Newport Grand Casino ("Newport Grand").
Excluding the impact of these charges, income from operations in
the first quarter 2019 increased $6.0
million, or 19.5%, to $36.7
million, compared to the first quarter 2018. Income from
operations in the first quarter 2019 was positively impacted by
increased revenue and a decrease in share-based compensation
expense when compared to the comparable period in 2018, offset in
part by increases in both advertising, general and administrative
expenses ("AG&A") and depreciation and amortization. The
$7.3 million increase in
AG&A is primarily attributable to the increased overhead costs
of Tiverton in the current year
compared to Newport Grand last year and ongoing corporate costs
associated with the Company being publicly traded. Increased
depreciation and amortization was driven by the opening of
Tiverton and the new hotel at Twin
River.
Net income for the first quarter 2019 increased $5.0 million, or 39.3%, to $17.6 million due primarily to increased income
from operations noted above and a reduction in the effective tax
rate partially offset by a $1.3
million increase in interest expense.
Adjusted EBITDA for the first quarter 2019 was $43.9 million, an increase of $0.9 million, or 2.2%, from $43.0 million in the first quarter 2018. This
increase is driven by the increase in income from operations noted
above excluding the year-over-year impact of non-cash share-based
compensation expense which was lower in 2019 primarily due to the
timing of performance award grants and the reduction in the number
of liability classified awards compared to the prior year.
Balance Sheet and Liquidity
The Company had $103.0 million in
cash and cash equivalents, excluding restricted cash, at
March 31, 2019. Outstanding indebtedness, before the impact of
deferred financing costs, at the end of the first quarter 2019
totaled $421.2 million, including
$80.0 million outstanding under the
Company's revolving credit facility.
On May 10, 2019 the Company
completed its previously announced debt financing, comprised of a
$250 million revolving credit
facility (the "revolver") and a $300
million term loan with maturity dates of 2024 and 2026,
respectively, as well as $400 million
of senior unsecured notes due 2027. The revolver was undrawn at
closing. The Company used the net proceeds from the term loan and
unsecured notes to repay borrowings under its prior revolver and
term loan, aggregating $421.2 million
as of March 31, 2019. The balance net
of costs of approximately $260
million is in addition to the Company's cash balance at the
end of the first quarter of $103
million, and will be used for general corporate purposes,
which could include, in addition to funding operations, repurchases
of our common stock, acquisitions and other transactions.
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
adjusted income from operations. The non-GAAP measure Adjusted
EBITDA excludes depreciation, amortization, interest expense and
income, net, provision for income taxes, merger and going public
expenses, loss associated with Newport Grand land and building
disposal, non-cash share-based compensation expense, non-recurring
litigation expenses, legal and financial expenses for strategic
review, acquisition-related costs associated with announced planned
acquisitions in Colorado, credit
agreement amendment expenses, storm-related repairs, and
non-recurring expansion and pre-opening expenses. Adjusted EBITDA
margin is Adjusted EBITDA divided by net revenue. Gross gaming
revenue is net gaming revenue inclusive of the States of
Rhode Island and Delaware's share of net terminal income,
tables games revenue and other gaming revenue. Adjusted income from
operations is income from operations excluding merger and going
public expenses and disposal loss from the sale of the Newport
Grand.
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 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.
First Quarter Conference Call
The Company's first quarter 2019 earnings conference call and
audio webcast will be held today, Tuesday, May 14, 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 2691717. 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.
About Twin River Worldwide Holdings, Inc.
Twin River Worldwide Holdings, Inc., or TRWH, owns and manages
four casinos, two casinos in Rhode
Island, one in Mississippi,
and one in Delaware, as well as a
Colorado horse race track that has
13 authorized OTB licenses. Properties include Twin River Casino
Hotel (Lincoln, RI), Tiverton
Casino Hotel (Tiverton, RI), Hard
Rock Hotel & Casino (Biloxi,
MS), Dover Downs Hotel & Casino (Dover, DE) and Arapahoe Park racetrack
(Aurora, CO). Its casinos range in
size from 1,000 slots and 32 table games facilities to properties
with over 4,100 slots, approximately 125 table games, and 48
stadium gaming positions, along with hotel and resort amenities.
Its shares are traded on the New York Stock Exchange under the
ticker symbol "TRWH."
Forward-Looking Statements
This communication contains "forward-looking" statements as
that term is defined in Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. All statements, other than historical facts,
including future financial and operating results 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.
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) unexpected costs, charges or expenses resulting from the
acquisition of Dover Downs and proposed Colorado transactions; (2) uncertainty of
the expected financial performance of the Company, including the
failure to realize the anticipated benefits of its acquisitions;
(3) the Company's ability to implement its business strategy;
(4) the inability to retain and hire key personnel;
(5) the risk that stockholder litigation may result in
significant costs of defense, indemnification and/or liability;
(6) evolving legal, regulatory and tax regimes;
(7) changes in general economic and/or industry specific
conditions; (8) the effects of competition that exists in the
gaming industry; (9) actions by third parties, including government
agencies; (10) the risk that the Company will be unable to utilize
the borrowings under its senior unsecured notes, new term
loan facility and available capacity under its new revolving credit
facility, together with cash flows from operations, to grow the
Company's business in the ways currently contemplated or at all to
create long-term shareholder value or to return capital to its
stockholders through dividends or repurchases of outstanding shares
of the Company's capital stock in the time frame expected or at
all; and (11) other risk factors as detailed under
Part I. Item 1A. "Risk Factors" of the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2018 as filed with the Securities
and Exchange Commission on April 1,
2019. 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 BALANCE SHEETS (unaudited)
|
(In thousands,
except share data)
|
|
|
March 31,
2019
|
|
December 31,
2018
|
Assets
|
|
|
|
Cash and cash
equivalents
|
$
|
103,002
|
|
|
$
|
77,580
|
|
Restricted
cash
|
9,698
|
|
|
3,851
|
|
Accounts receivable,
net
|
32,050
|
|
|
22,966
|
|
Inventory
|
8,587
|
|
|
6,418
|
|
Prepaid expenses and
other assets
|
10,978
|
|
|
11,647
|
|
Total current
assets
|
164,315
|
|
|
122,462
|
|
Property and
equipment, net
|
521,735
|
|
|
416,148
|
|
Right of use assets,
net
|
18,350
|
|
|
—
|
|
Goodwill
|
132,035
|
|
|
132,035
|
|
Intangible assets,
net
|
113,848
|
|
|
110,104
|
|
Other
assets
|
793
|
|
|
1,603
|
|
Total
assets
|
$
|
951,076
|
|
|
$
|
782,352
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
Current portion of
long-term debt
|
$
|
83,595
|
|
|
$
|
3,595
|
|
Current portion of
lease obligations
|
1,154
|
|
|
—
|
|
Accounts
payable
|
23,969
|
|
|
14,215
|
|
Accrued
liabilities
|
67,659
|
|
|
57,778
|
|
Total current
liabilities
|
176,377
|
|
|
75,588
|
|
Lease obligations,
net of current portion
|
17,184
|
|
|
—
|
|
Pension benefit
obligations
|
6,613
|
|
|
—
|
|
Deferred tax
liability
|
10,871
|
|
|
17,526
|
|
Long-term debt, net
of current portion
|
334,920
|
|
|
390,578
|
|
Other long-term
liabilities
|
2,332
|
|
|
—
|
|
Total
liabilities
|
548,297
|
|
|
483,692
|
|
Commitments and
contingencies
|
|
|
|
Shareholders'
equity:
|
|
|
|
Common stock, par
value $0.01; 100,000,000 shares authorized; 41,128,181 and
39,421,356 shares issued as of March 31, 2019 and December 31,
2018, respectively; 41,111,841 and 37,989,376 shares
outstanding as of March 31, 2019 and December 31, 2018,
respectively, net of treasury stock.
|
411
|
|
|
380
|
|
Additional paid in
capital
|
182,297
|
|
|
125,629
|
|
Treasury stock, at
cost, 16,340 and 1,431,980 shares as of March 31, 2019 and December
31, 2018, respectively.
|
(409)
|
|
|
(30,233)
|
|
Retained
earnings
|
220,480
|
|
|
202,884
|
|
Total
shareholders' equity
|
402,779
|
|
|
298,660
|
|
Total liabilities
and shareholders' equity
|
$
|
951,076
|
|
|
$
|
782,352
|
|
TWIN RIVER
WORLDWIDE HOLDINGS, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(unaudited)
|
(In thousands,
except per share data)
|
|
|
Three Months
Ended
March 31,
|
|
2019
|
|
2018
|
Revenue:
|
|
|
|
Gaming
|
$
|
90,868
|
|
|
$
|
79,582
|
|
Racing
|
2,940
|
|
|
3,284
|
|
Hotel
|
6,305
|
|
|
4,454
|
|
Food and
beverage
|
13,511
|
|
|
11,488
|
|
Other
|
7,007
|
|
|
5,998
|
|
Net
revenue
|
120,631
|
|
|
104,806
|
|
|
|
|
|
Operating costs
and expenses:
|
|
|
|
Gaming
|
21,076
|
|
|
16,727
|
|
Racing
|
2,191
|
|
|
2,179
|
|
Hotel
|
2,714
|
|
|
1,760
|
|
Food and
beverage
|
11,107
|
|
|
8,972
|
|
Advertising, general
and administrative
|
46,467
|
|
|
39,160
|
|
Expansion and
pre-opening
|
—
|
|
|
34
|
|
Newport Grand
disposal loss
|
—
|
|
|
5,885
|
|
Depreciation and
amortization
|
6,769
|
|
|
5,212
|
|
Total operating costs
and expenses
|
90,324
|
|
|
79,929
|
|
|
|
|
|
Income from
operations
|
30,307
|
|
|
24,877
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
Interest
income
|
13
|
|
|
40
|
|
Interest expense, net
of amounts capitalized
|
(7,051)
|
|
|
(5,739)
|
|
Total other
expense, net
|
(7,038)
|
|
|
(5,699)
|
|
|
|
|
|
Income before
provision for income taxes
|
23,269
|
|
|
19,178
|
|
|
|
|
|
Provision for income
taxes
|
5,673
|
|
|
6,544
|
|
Net
income
|
$
|
17,596
|
|
|
$
|
12,634
|
|
Deemed dividends
related to changes in fair value of common stock subject to
possible redemption
|
—
|
|
|
(1,305)
|
|
Net income
applicable to common stockholders
|
$
|
17,596
|
|
|
$
|
11,329
|
|
|
|
|
|
Net income per share,
basic
|
$
|
0.46
|
|
|
$
|
0.31
|
|
Weighted average
common shares outstanding, basic
|
38,248
|
|
|
36,823
|
|
|
|
|
|
Net income per share,
diluted
|
$
|
0.46
|
|
|
$
|
0.29
|
|
Weighted average
common shares outstanding, diluted
|
38,367
|
|
|
38,405
|
|
TWIN RIVER
WORLDWIDE HOLDINGS, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
|
(In
thousands)
|
|
|
Three Months Ended
March 31,
|
|
2019
|
|
2018
|
Cash flows from
operating activities:
|
|
|
|
Net income
|
$
|
17,596
|
|
|
$
|
12,634
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation of
property and equipment
|
5,402
|
|
|
3,841
|
|
Amortization of
intangible assets
|
1,367
|
|
|
1,371
|
|
Amortization of right
of use assets
|
482
|
|
|
—
|
|
Share-based
compensation - liability awards
|
—
|
|
|
4,512
|
|
Share-based
compensation - equity awards
|
151
|
|
|
506
|
|
Amortization of
deferred financing fees
|
521
|
|
|
857
|
|
Amortization of
original issue discount
|
171
|
|
|
344
|
|
Bad debt
expense
|
22
|
|
|
45
|
|
Deferred income
taxes
|
—
|
|
|
452
|
|
Newport Grand
disposal loss
|
—
|
|
|
5,885
|
|
Gain on disposal of
property and equipment
|
(2)
|
|
|
(5)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
(3,432)
|
|
|
(1,991)
|
|
Inventory
|
(278)
|
|
|
557
|
|
Prepaid expenses and
other assets
|
5,791
|
|
|
2,852
|
|
Accounts
payable
|
4,789
|
|
|
(1,039)
|
|
Accrued
liabilities
|
(7,103)
|
|
|
(2,006)
|
|
Lease
obligations
|
(494)
|
|
|
—
|
|
Net cash provided by
operating activities
|
24,983
|
|
|
28,815
|
|
Cash flows from
investing activities:
|
|
|
|
Repayment of loans
from officers and directors
|
—
|
|
|
1,073
|
|
Acquisition of Dover
Downs Gaming & Entertainment, Inc., net of cash
acquired
|
(9,606)
|
|
|
—
|
|
Capital expenditures,
excluding Tiverton Casino Hotel and new hotel at Twin River
Casino
|
(4,212)
|
|
|
(1,988)
|
|
Capital expenditures
- Tiverton Casino Hotel
|
(1,277)
|
|
|
(31,386)
|
|
Capital expenditures
- new hotel at Twin River Casino
|
(2,010)
|
|
|
(9,136)
|
|
Payments associated
with gaming license
|
—
|
|
|
(29)
|
|
Net cash used in
investing activities
|
(17,105)
|
|
|
(41,466)
|
|
Cash flows from
financing activities:
|
|
|
|
Revolver
borrowings
|
25,000
|
|
|
20,000
|
|
Term loan
repayments
|
(1,200)
|
|
|
(30,927)
|
|
Stock
repurchases
|
(409)
|
|
|
—
|
|
Stock options
exercised via repayment of non-recourse notes
|
—
|
|
|
889
|
|
Net cash provided by
(used in) financing activities
|
23,391
|
|
|
(10,038)
|
|
|
|
|
|
Net change in cash
and cash equivalents and restricted cash
|
31,269
|
|
|
(22,689)
|
|
Cash and cash
equivalents and restricted cash, beginning of period
|
81,431
|
|
|
93,216
|
|
Cash and cash
equivalents and restricted cash, end of period
|
$
|
112,700
|
|
|
$
|
70,527
|
|
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
Cash paid for
interest
|
$
|
6,286
|
|
|
$
|
5,255
|
|
Cash paid for income
taxes
|
$
|
—
|
|
|
$
|
53
|
|
|
|
|
|
Non-cash investing
and financing activities:
|
|
|
|
Unpaid property and
equipment
|
$
|
5,928
|
|
|
$
|
13,011
|
|
Deposit applied to
fixed asset purchases
|
$
|
981
|
|
|
$
|
—
|
|
Deemed dividends
related to changes in fair value of common stock subject to
possible redemption
|
$
|
—
|
|
|
$
|
1,305
|
|
Termination of
operating leases via purchase of underlying assets
|
$
|
1,272
|
|
|
$
|
—
|
|
Stock issued for
acquisition of Dover Downs Gaming & Entertainment,
Inc.
|
$
|
86,780
|
|
|
$
|
—
|
|
TWIN RIVER
WORLDWIDE HOLDINGS, INC.
|
|
Reconciliation of
Net Income and Net Income Margin to
|
Adjusted EBITDA
and Adjusted EBITDA Margin (unaudited)
|
|
|
|
Three Months
Ended
March 31,
|
(in thousands,
except percentages)
|
2019
|
|
2018
|
Net
revenue
|
$
|
120,631
|
|
|
$
|
104,806
|
|
|
|
|
|
Net income
|
$
|
17,596
|
|
|
$
|
12,634
|
|
Depreciation and
amortization
|
6,769
|
|
|
5,212
|
|
Provision for income
taxes
|
5,673
|
|
|
6,544
|
|
Interest expense, net
of interest income
|
7,038
|
|
|
5,699
|
|
Merger and going
public expenses (1)
|
6,440
|
|
|
—
|
|
Newport Grand
disposal loss (2)
|
—
|
|
|
5,885
|
|
Share-based
compensation
|
152
|
|
|
5,018
|
|
Non-recurring
litigation expenses, net of insurance proceeds (3)
|
(557)
|
|
|
858
|
|
Legal & financial
expenses for strategic review (4)
|
—
|
|
|
550
|
|
Acquisition costs
(5)
|
438
|
|
|
—
|
|
Credit Agreement
amendment expenses (6)
|
335
|
|
|
386
|
|
Storm related repair
expense, net of insurance recoveries (7)
|
—
|
|
|
140
|
|
Expansion and
pre-opening expenses (8)
|
—
|
|
|
34
|
|
Adjusted
EBITDA
|
$
|
43,884
|
|
|
$
|
42,960
|
|
|
|
|
|
Net income
margin
|
14.59
|
%
|
|
12.05
|
%
|
Adjusted EBITDA
margin
|
36.38
|
%
|
|
40.99
|
%
|
|
(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 in the first quarter of 2018.
|
(3)
|
Non-recurring
litigation expense represents legal expenses incurred by TRWH in
connection with certain litigation matters (net of insurance
reimbursements).
|
(4)
|
Legal and financial
expenses for the strategic review include expenses associated with
TRWH's review of strategic alternatives that began in April
2017.
|
(5)
|
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.
|
(6)
|
Credit Agreement
amendment expenses include costs associated with amendments made to
TRWH's Credit Agreement.
|
(7)
|
Storm-related repair
expenses include costs, net of insurance recoveries, associated
with damage from Hurricane Nate at Hard Rock Biloxi.
|
(8)
|
Expansion and
pre-opening expenses represent costs incurred for Tiverton Casino
Hotel prior to its opening on September 1, 2018.
|
TWIN RIVER
WORLDWIDE HOLDINGS, INC.
|
|
Calculation of
Gross Gaming Revenue (unaudited)
|
|
|
Three Months
Ended March 31,
|
|
|
(in thousands,
except percentages)
|
2019
|
|
2018
|
|
Change
|
Net gaming
revenue
|
$
|
90,868
|
|
|
$
|
79,582
|
|
|
14.2
|
%
|
Adjustment for State
of RI's share of net terminal income, table games revenue and other
gaming revenue (1)
|
102,656
|
|
|
92,045
|
|
|
|
Adjustment for State
of DE's share of net terminal income, table games revenue and other
gaming revenue at Dover Downs (1)
|
1,519
|
|
|
—
|
|
|
|
Gross gaming
revenue
|
$
|
195,043
|
|
|
$
|
171,627
|
|
|
13.6
|
%
|
|
|
(1)
|
Adjustment made to
show gaming revenue on a gross basis consistent with gross gaming
win data provided throughout the gaming industry.
|
Reconciliation of
Operating Income to Adjusted Operating Income
(unaudited)
|
|
|
Three Months
Ended
March 31,
|
(in
thousands)
|
2019
|
|
2018
|
Income from
operations
|
$
|
30,307
|
|
|
$
|
24,877
|
|
Merger and going
public expenses
|
6,440
|
|
|
—
|
|
Newport Grand
disposal loss
|
—
|
|
|
5,885
|
|
Adjusted income from
operations
|
$
|
36,747
|
|
|
$
|
30,762
|
|
View original
content:http://www.prnewswire.com/news-releases/twin-river-worldwide-holdings-inc-announces-2019-first-quarter-results-300850118.html
SOURCE Twin River Worldwide Holdings, Inc.