PROVIDENCE, R.I., June 16, 2020 /PRNewswire/ -- Twin River
Worldwide Holdings, Inc. (NYSE: TRWH) (the "Company" or "Twin
River") today announced the planned resumption of operations at its
Golden Gates, Golden Gulch and Mardi
Gras Casinos, (collectively "Black Hawk Casinos") in Black Hawk, Colorado effective June 17th. Upon these openings, all
properties in the Company's portfolio will be
operational.
Today's announcement follows the successful reopening of the
Hard Rock Hotel and Casino Biloxi ("Hard Rock Biloxi") on
May 21st, the Dover Downs
Hotel and Casino ("Dover Downs") on June
1st, and a pre-opening pilot at Twin River Casino
Hotel and Tiverton Casino Hotel (collectively "Rhode Island
Casinos") on June 8th.
"With our entire portfolio of properties operational, we are
thrilled to be able to welcome back more of our valued team members
and loyal customers," said George
Papanier, President and Chief Executive Officer. "We
continue to be encouraged by strong early demand at our reopened
properties across the country and are optimistic we will see
similar results as we return to business in Black Hawk. As we continue to reopen our
facilities and expand operating capacity across the country, the
health and safety of our employees and valued guests remains our
priority."
In line with its approach to reopening other properties around
the country, the Black Hawk Casinos will initially operate with
limited amenities and capacity restrictions. Twin River remains
committed to compliance with all state and local reopening
requirements and meeting or exceeding all guidelines established by
the CDC. The Company has implemented property-specific
comprehensive health and safety protocols, developed in close
consultation with applicable state regulators and public health
officials in local jurisdictions.
Twin River continues to progress a multi-phased reopening plan
across its portfolio:
- Hard Rock Biloxi – Now operating at 75% of fire
code capacity with all hotel rooms and amenities available to
guests. Demand has remained strong with consistent year-over-year
increases in both slot and table win since opening.
- Dover Downs – Recently commenced the second phase
of its reopening, allowing for 60% of fire code capacity,
availability of an additional 250-300 VLTs and various restaurants,
and the hotel at 60% room availability. This phase also includes
limited availability of tables on a pilot basis. The Company was
encouraged by initial demand in the first phase reopening despite
both the limited capacity and amenities being online.
- Rhode Island Casinos – In the pre-opening pilot phase,
these properties are currently open to a limited number of invited
guests. Given that state guidelines and company safety protocols
were successfully implemented, the Company is looking to steadily
increase the number of invited guests in the coming weeks before
eventually proceeding with a general reopening with limited
capacity, similar to the Company's other properties.
The Company expects to complete its previously announced
acquisition of Isle of Capri Kansas City in Missouri and Lady Luck Vicksburg in
Mississippi, both of which have
resumed operations, in early July, pending Missouri regulatory
approval.
About Twin River Worldwide Holdings, Inc.
Twin River Worldwide Holdings, Inc. owns and manages seven
casinos, two in Rhode Island, one
in Mississippi, one in
Delaware, and three casinos as
well as a horse racetrack that has 13 authorized OTB licenses in
Colorado. 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), Golden Gates Casino (Black Hawk, CO), Golden Gulch Casino
(Black Hawk, CO), Mardi Gras Casino (Black Hawk, CO), and Arapahoe Park racetrack
(Aurora, CO). Its casinos range in
size from 695 slots and 17 table games combined for its
Colorado 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."
Investor
Contact
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|
Media
Contact
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Steve Capp
|
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Liz Cohen
|
Executive Vice
President and Chief Financial Officer
|
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Kekst CNC
|
401-475-8564
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212-521-4845
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InvestorRelations@twinriver.com
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Liz.Cohen@kekstcnc.com
|
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, 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 are forward-looking statements.
Forward-looking statements are sometimes identified by words
like "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)
uncertainty surrounding the ongoing COVID-19 pandemic, including
uncertainty regarding its extent, duration and impact, the
resulting closure and length of closure of Twin Rivers' properties
(all of which are currently scheduled to be open by June 17, 2020, pending regulatory approval); (2)
the duration of time Twin River's facilities are required to be
closed and the time it will take Twin River to re-open its
facilities once it is permitted to do so and the restrictions that
will be applicable to its facilities when they are re-opened; (3)
the costs to comply with any mandated health requirements
associated with the virus; (4) customer responses when Twin River's
facilities are re-opened including the time it takes customers to
return to the facilities and the frequency with which they visit
Twin River's facilities; (5) the economic uncertainty and
challenges in the economy resulting from the ongoing COVID-19
pandemic, including the resulting reduced levels of discretionary
consumer spending; (6) challenges Twin River may face in bringing
employees back to work once its facilities are re-opened; (7)
unexpected costs, charges or expenses resulting from the recently
completed acquisitions; (8) uncertainty of the expected financial
performance of Twin River, including the failure to realize the
anticipated benefits of its acquisitions; (9) Twin River's ability
to implement its business strategy; (10) evolving legal, regulatory
and tax regimes; (11) the effects of competition that exists
in the gaming industry; (12) the actions taken to reduce costs and
losses as a result of the COVID-19 pandemic, which could negatively
impact guest loyalty and our ability to attract and retain
employees; (13) risks associated with increased leverage from Twin
River's proposed acquisitions; (14) the inability or unwillingness
of the lenders under our revolving credit facility to fund requests
that we may make to borrow amounts under the facility; (15)
increased borrowing costs associated with higher levels of
borrowing and (16) 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,
2019 as filed with the Securities and Exchange Commission on
March 13, 2020 and the Company's
Quarterly Report on Form 10-Q for the fiscal quarter ended
March 31, 2020 as filed with the
Securities and Exchange Commission on May
14, 2020. The foregoing list of important factors is not
exclusive.
Any forward-looking statements speak only as of the date of
this communication. Twin River 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.
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SOURCE Twin River Worldwide Holdings, Inc.